Egypt's trade deficit rises for fifth consecutive month
Imports continue to outstrip exports as deficit climbs an annual 10 per cent in March, state figures show.Egypt's trade deficit soared to LE19 billion ($3.1 billion) in May, 10.2 per cent higher than the same month the year before, the state statistics agency said on Wednesday.
Source : https://www.marocafrik.com/english/Egypt-s-trade-d...
The country's total trade deficit was LE17.2 billion ($2.8bn) in May 2011.Wednesday's figures show the total value of Egyptian exports fell an annual 13.3 per cent to LE15.1 billion. They stood at LE17.4 billion last May.
The statistics agency, CAPMAS, attributed the overall fall to a decline in overseas demand for Egypt's petroleum products, garments, fertilisers and fresh fruit.The value of goods being imported to Egypt also saw a slight decline, from LE34.6 billion in May last year to LE34 billion in 2012,Al Ahram reported.
President Mohamed Morsi plans to revive Egypt's economy through increased trade and foreign investment and these figures indicate that Egypt is importing more than it is exporting. This is a problem for all countries in North Africa which have not been able to build up a sufficient manufacturing base and a private sector to stimulate employment. Egypt at least has a diversified economic base with manufacturing,the Suez Canal and tourism. However it has to overcome decades of inefficient state bureaucracy which has stiffled innovation
The statistics agency, CAPMAS, attributed the overall fall to a decline in overseas demand for Egypt's petroleum products, garments, fertilisers and fresh fruit.The value of goods being imported to Egypt also saw a slight decline, from LE34.6 billion in May last year to LE34 billion in 2012,Al Ahram reported.
President Mohamed Morsi plans to revive Egypt's economy through increased trade and foreign investment and these figures indicate that Egypt is importing more than it is exporting. This is a problem for all countries in North Africa which have not been able to build up a sufficient manufacturing base and a private sector to stimulate employment. Egypt at least has a diversified economic base with manufacturing,the Suez Canal and tourism. However it has to overcome decades of inefficient state bureaucracy which has stiffled innovation
Source : https://www.marocafrik.com/english/Egypt-s-trade-d...