Egypt’s balance of trade reached $1.6 billion in the third quarter of fiscal year 2001/2002 compared to $2.3 billion during the same period in the previous year, as imports continue to decline faster than exports, stated a recently published Prime Research Report. The Egyptian fiscal year runs from July 1 until June 30.
The nation’s imports hit $3.21 billion in third quarter of FY 2001/2001, down 22 percent compared to $4.1 billion during the same period in the previous year. The report attributed the drop to of the dollar currency, the local economic slowdown, higher import tariffs and the devaluation of the Egyptian pound.
The report forecasts that import levels will decline at a slower pace in the near future due to an increase in the dollar rate in addition to local production expansion, resulting in a higher demand for input materials. It notes, however that local producers may begin shifting toward inland substitutes now that they have adjusted to the increase in costs. — (menareport.com)
© 2002 Mena Report (www.menareport.com)
