Cairo – Mubasher: Egypt’s trade deficit declined 19.9% year-on-year during October 2016 to stand at EGP 27.83 billion, compared with EGP 34.75 billion for the year-ago period, said the Central Agency for Public Mobilization and Statistics (CAPMAS).
Export value increased to EGP 16.22 billion during the same month, higher 21.4% year-on-year from EGP 13.36 billion, CAPMAS added, attributing this growth to the rise of some commodities, including fertilizers (+196.5%), crude oil (+71.1%), furniture (+45.1%), and fruits (+38.6%).
One the other hand, import value fell 8.4% year-over-year to EGP 44.05 billion from EGP 48.11 billion, after the imports of some materials declined, most importantly including wheat (-90.7%) and vehicles (-14.2%).
By the end of November 2016, foreign reserves lowered to $23.05 billion, compared with $36 billon before 2011.
Earlier, the government announced that non-oil exports rose 7.63% or $1.2 billion during January-November 2016.
Over the first nine months of 2016, imports decreased by $7 billion, while exports saw a rise by $1 billion, according to a statement by the minister of trade and industry.
