The Egyptian Central Agency for Public Mobilization and Statistics revealed that the trade balance deficit declined by 8.6 percent on an annual basis in June to reach $3.30 billion.
Exports decreased by 7.9 percent to $2.26 billion in June, while the value of imports decreased by 8.3 percent to $5.56 billion. The current account deficit fell to $7.3 billion in the first nine months of the fiscal year 2019-2020, which ended in June, compared to $9.8 billion in the same period in the previous fiscal year.
According to the Central Bank, the improvement in the current account deficit continued for the third consecutive quarter, as the deficit decreased by 39.2 percent to reach about $8.2 billion during the period from January to March 2020, compared to about $4.5 billion during the same period of the previous fiscal year.
The Central Bank revealed that remittances from Egyptians working abroad increased in the first quarter of this year by $1.7 billion to $7.9 billion, compared to the same period last year, while the revenues of the Suez Canal rose 84.4 million dollars to touch 1.4 billion dollars.
Source (Al-Sharq Al-Awsat Newspaper, Edited)
