39 percent retreat in Egypt's trade deficit in 2003

Egypt witnessed a 39 percent retreat in the trade deficit in 2003, down by $ 4,780 billion compared to $ 7,835 billion in 2002, according to a monthly report by the Ministry of Foreign Trade.

Such a retreat is attributed to augmenting exports by 31 percent, reaching $ 6,147 billion, along with an increase in commodity exports, excluding petroleum, up by 17 percent, hitting $ 3,692 billion, whereas imports were down by 13 percent at $ 10,927 billion, the report added.

According to the report, petroleum imports were augmented by 19 percent, scoring $ 525 million. Commodity imports declined owing to a decrease in consumer commodity exports by 26 percent reaching $ 1,869 billion, medium commodities by 13 percent hitting $ 4,225 billion and investment commodities by 21 percent, recording $ 1,282 billion.

The report also referred to an increase in exports pertaining to an augmentation in semi-manufactured commodity exports by 84 percent, raw materials by 15 percent and petroleum exports by 60 percent, scoring $ 2,453 billion.

The report relies on the latest figures recorded by the Central Agency for Public Mobilization and Statistics (CAPMAS), excluding the free trade zones dealings with the external world or trade via customs systems pertaining to the draw-back or temporary release systems.