Trade deficit narrows in September Egypt’s
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.