Govt report: April records LE17.5 bn trade balance deficit

Egypt’s trade balance deficit jumped by 79.6 percent from LE9.7 billion in April 2011 to LE17.5 billion this April, according to a government report released Monday.

The Central Agency for Public Mobility and Statistics said in a report that exports declined by 13.9 percent, bringing in LE51.1 billion from April 2011 to April 2012.  The figure is down from the LE17.6 billion brought in by exports the previous year.

The agency attributed the drop to a decline in the value of some export commodities, such as certain petroleum products, crude oil, fertilizer, ready-made clothing, dairy and oranges.

However, the report also highlighted a 19.4 percent increase in imports, up from LE27.3 billion to LE32.6 billion in the same time period.

According to the report, the increase was due to a rise in the value of some imported commodities, such as other types of petroleum products, raw steel and plastics, chemical and organic substances, and pharmaceuticals.

Edited translation from MENA

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