The Egyptian Central Agency for Public Mobilization and Statistics revealed that the trade balance deficit declined by 38.6 percent year on year in March to reach $2.69 billion.
According to the Statistics Authority, exports fell by 18 percent to $2.24 billion in March, while imports fell by 30.6 percent to $4.93 billion. Imports of petroleum products fell 70 percent and raw materials from iron and steel 8.9 percent.
In addition, consumer price inflation in Egyptian cities fell to 4.7 percent in May from 5.9 percent in April. The inflation rate was zero percent from the previous month, during which it recorded an increase of 1.3 percent.
According to the Central Bank of Egypt, core inflation (which excludes fast-moving goods) in the country fell to 1.5 percent year-on-year in May from 2.54 percent in April.
Inflation remains in the central bank’s target range at nine percent, plus or minus three percentage points.
Source (Al-Sharq Al-Awsat newspaper, Edited)
