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. The value of goods being imported to Egypt also saw a slight decline, from LE34.6 billion in May last year to LE34 billion in 2012. 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. The deficit saw its highest year-on-year climb in February when it rocketed 138.1 per cent to reach LE14.2 billion ($2.3 billion). From ahramonline