Egypt trade deficit surges 95% in March

Egypt’s trade deficit soared to LE21.3 billion ($3.5 billion) in March, 95.3 per cent higher than the same month the year before, the state statistics agency said on Sunday. The total value of Egyptian exports declined an annual 9.4 per cent, falling to LE15.4 billion from LE17 billion in March 2011. The statistics agency, CAPMAS, attributed the overall fall to lessening overseas demand for Egypt's petroleum products, garments, fertilisers, fruit and vegetables. The value of goods imported to Egypt, however, saw a dramatic climb, from LE27.9 billion in March last year to LE36.7 billion in 2012. CAPMAS figures suggest the climb in overall import values is tied to a weakening Egyptian pound and increased global prices for petrol, raw steel and wood. From Ahramonline