Data from the Central Agency for Public Mobilization and Statistics in Egypt revealed that the trade balance deficit decreased by 12.4 percent on an annual basis last June.
According to the agency, the trade balance deficit amounted to $3.21 billion in June, compared to $3.66 billion during the same period last year.
The value of exports recorded a decline of 3.3 percent on an annual basis in June, reaching 3.75 billion dollars, compared to 3.88 billion dollars a year ago. While the value of imports decreased by 7.7 percent, reaching 6.96 billion dollars in June, compared to 7.54 billion dollars a year earlier.
Last March, the Central Bank announced rules for working with import documents, which included undeclared instructions that stopped all imports except for those determined by higher authorities in the country. This led to a decline in employment by up to 90 percent in factories, and a rise in prices, due to the scarcity of imports and production inputs, in parallel with the domestic and global inflation rates, which have been jumping, since the outbreak of the Russian war in Ukraine.
Source (Al-Araby Al-Jadeed Newspaper, Edited)
