Egypt's Trade Deficit Rises for Fifth Consecutive Month

Egypt's trade deficit soared to LE19 billion ($3.1 billion) in May, 10.2 per cent higher than the same month the year before, the state statistics agency said on Wednesday. The country''s total trade deficit was LE17.2 billion ($2.8bn) in May 2011. Wednesday's figures show the total value of Egyptian exports fell an annual 13.3 per cent to LE15.1 billion. They stood at LE17.4 billion last May. The statistics agency, CAPMAS, attributed the overall fall to a decline in overseas demand for Egypt's petroleum products, garments, fertilisers and fresh fruit. Egypt''s trade deficit for the first five months of 2012 has been consistently higher than in the same months the year before, as the value of goods imported by Egyptians continue to outstrip those exported elsewhere.