Egypt's trade deficit shrinks 14pct in July

Egypt's trade deficit narrowed by 14 per cent in July from a year earlier to 13.5 billion Egyptian pounds ($2.3bn), the state statistics agency Capmas said on Monday.

Exports increased 26 per cent by value to 15.9bn pounds due to a rise in the value of commodities, especially petroleum products, crude oil and fertilisers. Imports grew 4 percent to 29.4bn pounds, Capmas said.

Egypt's currency has weathered a sharp economic downturn since the overthrow of President Hosni Mubarak in February largely unscathed.

But an exodus of tourists and foreign investors has weighed on Egypt's balance of payments and pushed down its foreign exchange reserves, which now cover less than five months of imports.