Egypt's trade deficit saw yet another surge in June, growing a whopping 49 per cent over the same month last year, latest data from Egypt's official statistics body CAPMAS showed Sunday.The trade deficit reached LE17.6 billion in June 2012 versus LE11.9 billion a year earlier. On a monthly level, the trade deficit dropped from LE19 million in May.
A drop in exports was behind the increased deficit, the former falling 17.6 per cent in June to sit at LE14.7 billion.
The CAPMAS report attributed the exports drop to a decline in overseas demand for Egypt's petroleum products, garments, fertilisers and electrical wires.