Egypt to cut trade balance deficit 50% by 2020

CAIRO – 23 July 2017: Egypt plans to reduce the deficit of its trade balance by 50 percent by 2020, Minister of Trade Tarek Kabil said Sunday.

Kabil added to Egypt Today that the deficit was reduced by $9 billion in the first six months of 2017, and by $18 billion during the last 18 months, since the beginning of 2016.

The minister noted that Egypt is achieving success in fixing the deficit and taking steps in implementing the ministry's strategy which aims to increase exports and achieve high rates of industrial growth.

In April, trade balance deficit increased by 52 percent to reach $1.92 billion versus $3.99 billion for the same month of 2016, Central Agency for Public Mobilization and Statistics (CAPMAS) announced.