Egypt’s trade balance deficit shrank to LE14.18 billion ($2.03 billion) in April 2013, a 31.5 percent decrease from the LE20.71 billion ($2.96 billion) it had recorded in April 2012, according to a recent report by Egypt’s Central Agency for Public Mobilization and Statistics (CAPMAS).
The April 2013 figure nonetheless represents a 41 percent increase compared to the trade balance deficit in April 2010, before the country’s January 2011 revolution, which totaled LE 10.05 billion ($1.44 billion), reports CAPMAS.
In June, the Central Bank of Egypt announced that the period from July 2012 to March 2013 witnessed a 2.7-percent drop in the national trade deficit, which narrowed to LE166.3 billion ($23.8 billion) from a previous LE171.2 billion ($24.5 billion) as the value of exports increased from LE133.4 billion ($19.1 billion) to LE138.4 billion ($19.8 billion).
According to CAPMAS, total exports in April reached LE18.45 billion ($2.64 billion) in April 2013, up 17.1 percent from the LE15.75 billion ($2.25 billion) recorded in April 2012, on the back of higher prices for exported commodities like crude oil, fertilizers, garments, oranges, and foodstuffs.
Egypt‘s total exports hit LE79.3 billion (roughly $11.3 billion) in the first six months of 2013 – a 17 percent rise compared to the same period last year, according to the latest report issued by the Egyptian Organisation for Exports and Imports Control.
Meanwhile, imports declined by 10.5 percent in April to LE32.63 billion ($4.67 billion) compared to the LE36.46 billion ($5.22 billion) recorded the previous year, due to the devaluation of certain goods such as raw iron and steel, plastics, chemicals, and wood.