Trade deficit nar­rows in Septem­ber Egypt’s

Business monthly (Egypt) - - IN BRIEF -

trade deficit de­clined by 22.1 per­cent year-on-year in Septem­ber, reach­ing LE 29.49 bil­lion com­pared to LE 37.86 bil­lion in Septem­ber 2014. The nar­row­ing deficit came de­spite a de­cline in ex­ports from Egypt. State sta­tis­tics agency CAPMAS re­ported that im­ports de­clined by 23 per­cent to reach LE 40.6 bil­lion, while ex­ports dropped by 25.4 per­cent to reach LE 11.2 bil­lion. CAPMAS at­trib­uted the sliding value of im­ports to lower glob- al prices for com­modi­ties in­clud­ing petroleum and wheat. Septem­ber was the sec­ond month in a row the trade deficit nar­rowed, fol­low­ing a 26-per- cent year-on-year de­cline in Au­gust. 2, the day be­fore Novem­ber re­serves fig­ures were pub­lished, newly ap­point- ed Cen­tral Bank Gov­er­nor Tarek Amer told Pres­i­dent Ab­del Fat­tah el-Sisi that Egypt’s re­serve po­si­tion was “re­as­sur- ing” and “stable” and would im­prove in the com­ing months. The ap­proval of a com­bined $1.5 bil­lion in loans from the World Bank and African De­vel­op­ment bank should boost re­serves in De­cem­ber.

CANAL RE­CEIPTS CON­TINUE TO BE HIT BY A DOWN­TURN IN GLOBAL SHIP­PING.

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