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Egyptian exports decrease 2.3% in 2014

Egyptian exports decrease 2.3% in 2014

CAIRO: Egypt’s exports registered EGP 195.5bn in 2014, compared to EGP 199.8bn in 2013, down by 2.3%, according to the annual Central Agency for Public Mobilisation and Statistics (CAPMAS) report on exports.

Non-petroleum exports increased from EGP 146.4bn to EGP 150.23bn, an increase of 2.6%. Petroleum exports amounted to EGP 45bn in 2014, compared to EGP 53.4bn in 2013, a decrease of 15.7%.

Initial reports of the value of Egyptian non-petroleum exports between January and November 2015 totalled $16.76bn, recording a 17.3% decline compared to $20.27bn in the corresponding period of 2015. During the first quarter (Q1) of fiscal year (FY) 2015/2016, the trade deficit recorded $10bn with neither improvements nor declines compared to the same quarter last year.

In the same quarter, the Central Bank of Egypt (CBE) announced that the Balance of Payments (BOP) registered a deficit of approximately $3.7bn in Q1 of this fiscal year (FY) 2015/2016 compared to a surplus of approximately $410m during the same period in FY 2014/2015.

The trade balance represents the difference between the exports and imports; the balance of services addresses the country’s receipts coming from the services such as tourism and transport, while the balance of goods and services includes aids and grants.