Egypt trade deficit has risen 6.3 %

Egypt’s trade deficit reached 21.21 billion pounds in July 2013, compared to 19.95 billion in the same month last year, a 6.3 percent jump, according to the Central Agency for Public Mobilization and Statistics (CAPMAS). Exports have increased by 2.4 percent in July, to hit 14.57 billion pounds against 14.23 billion pounds in the same month last year, added the CAPMAS. The surge is attributed to the increase in the cost of products such as crude oil, textiles, raw plastics, fertilizers and construction materials. According to CAPMAS, imports climbed by 35.78 billion pounds compared to the same month last year, rising by 4.7 percent. The surge in imports was caused by the rise in international prices of petroleum products, iron and steel, plastics and crude oil. Egypt is net exporter of crude oil, agricultural products (citrus fruits, rice and dried onions), chemicals, metals, cotton and textiles. The country’s main export partners are the United States, Italy, China and the United Kingdom.