The deficit of the trade balance has decreased by 46.24% during the first quarter (Q1) of 2017 compared to the same period in 2016, according to a press statement issued on Friday by the Ministry of Industry and Trade. The amount of decrease amounted to $5.669bn, explaining that the deficit recorded $6.591bn in Q1 of 2017, instead of $12.260bn during the same period last year, according to the statement. The reduction of imports was another reason, according to the statement. Kabil said that the imports in this period decreased by 29%, recording $12.110bn compared to $17bn in 2016. Kabil said that the main countries were the United States of America, Britain, Italy, France, Switzerland, Spain, Turkey, Saudi Arabia, the United Arab Emirates (UAE), and Lebanon.

Source: Daily News Egypt April 29, 2017 14:31 UTC