Egypt's Trade Balance Deficit up Annual 9.8 Per cent

Egypt's trade balance deficit climbed by an annual 9.8 per cent to reach LE17.2 billion in January 2012, according to official figures cited by Ahram's Arabic gate. The country's trade balance deficit was LE15.6 billion in January 2011.

Exports increased by 11.4 per cent -- or LE1.4 billion -- on the start of last year to reach LE13.6 billion in January 2012, figures from CAPMAS, the official statistics agency show. This increase in exports was outpaced by a massive growth in imports, which rose from LE2.9 billion to LE30.8 billion.

CAPMAS attributed the tenfold hike in the value of imports to rising global prices of oil, steel, corn and chemicals. Climbs in prices of garments, dairy products and ceramics were behind the milder rise in imports, the statistics agency said.