عربي English Türkçe اردو فارسى
Logo
Latest News
Business

Egypt’s Trade Balance Deficit Drops 28.7% in July

Containers at an Egyptian port. (Reuters)
Containers at an Egyptian port. (Reuters)
TT
TT

Egypt’s Trade Balance Deficit Drops 28.7% in July

Containers at an Egyptian port. (Reuters)
Containers at an Egyptian port. (Reuters)

Egypt’s trade deficit declined by 28.7% year-on-year (YoY) in July, according to data released on Tuesday by the Central Agency for Public Mobilization and Statistics (CAPMAS).

The monthly bulletin revealed that the deficit value of trade balance reached $2.7 billion in July, down from $3.8 billion for the same month of the previous year.

The country’s exports increased by 2.2% YoY in July to $3.13 billion, versus $3.07 billion for the same month of the previous year.

The value of imports decreased by 14.8% to $5.81 billion during July 2022, versus 6.82 billion in July 2021.

Separately, Egypt and the United Arab Emirates announced organizing a ceremony under the slogan “UAE and Egypt… One Heart.”

The three-day event will be held at the Egyptian capital Cairo in celebration of the 50th anniversary of UAE- Egypt ties and brotherly relations.

Egypt’s Prime Minister Mostafa Madbouly said his country is keen to underline depth of the strategic ties with the UAE and highlight the distinguished relation that brings both countries together.

He further underscored the cooperation between the two governments, as well as the political understanding and unified vision between the two countries’ leaderships.

President Abdel Fattah al-Sisi has issued a directive to bolster cooperation frameworks between the two countries, the Premier added.

He said the government looks forward to welcoming the Emiratis at the celebrations.

“We reviewed during the cabinet meeting 50 years of distinguished and stable Emirati-Egyptian relations, which were sponsored by the president of the Egyptian state,” Sheikh Mohammed bin Rashid Al Maktoum, UAE Vice President, Prime Minister and Ruler of Dubai said on Tuesday.

“In celebration and consolidation of these exceptional brotherly Arab ties spanning 50 years, we have directed the organization of special celebrations.”

Egypt’s Minister of Planning and Economic Development Hala al-Said underscored the depth of Egyptian-Emirati relations in a range of political and economic areas, in addition to investment cooperation.

Most Viewed

 
 
Business

British Assets Gain, Mid-cap Stocks Lead after Labour Election Win

A view of the Palace of Westminster which houses Britain's parliament, during the general election, in London, Britain, July 5, 2024. REUTERS/Hannah McKay Purchase Licensing Rights
A view of the Palace of Westminster which houses Britain's parliament, during the general election, in London, Britain, July 5, 2024. REUTERS/Hannah McKay Purchase Licensing Rights
TT
TT

British Assets Gain, Mid-cap Stocks Lead after Labour Election Win

A view of the Palace of Westminster which houses Britain's parliament, during the general election, in London, Britain, July 5, 2024. REUTERS/Hannah McKay Purchase Licensing Rights
A view of the Palace of Westminster which houses Britain's parliament, during the general election, in London, Britain, July 5, 2024. REUTERS/Hannah McKay Purchase Licensing Rights

British domestic-focussed mid-cap stocks were the biggest gainers on Friday after the centre-left Labour Party surged to a comprehensive win in a parliamentary election with blue chip stocks, government bond prices and the pound higher.

Hopes that the incoming government will provide a period of economic stability after an often tumultuous 14 years of Conservative Party rule sent the FTSE 250 midcap index (.FTMC), up as much as 1.8% in early trading to its highest since April 2022.

The blue chip FTSE 100 index (.FTSE), was last up 0.2% and the yield on 10-year British government bonds or gilts, dropped 3 basis points to 4.17%, marginally better than other European markets, Reuters reported.

Labour won a massive majority in the 650-seat parliament while Rishi Sunak's Conservatives suffered the worst defeat in the party's long history as voters punished them for a cost of living crisis, failing public services, and a series of scandals.

"A landslide victory provides the sort of clarity and stability that equity markets need in an increasingly volatile world," said Ben Ritchie, head of developed market equities at abrdn.

"If the new government gets this right, businesses with significant exposure to the UK economy should be the likely winners - a shot in the arm in particular for companies in the FTSE 250 and FTSE Small Cap".

British home builders stood out, with an index tracking their shares up 2.3%.

"We think the formation of a Labour-majority government will have a positive impact on housebuilders and construction materials," said Aruna Karunathilake, portfolio manager at Fidelity.

"We expect Labour to reinstate housebuilding targets and perhaps also fund investment in local planning departments... That should alleviate builders’ concerns about planning bottlenecks impeding growth in the medium term."

Analysts at Goldman Sachs said that while Labour's manifesto policies imply relatively limited changes to fiscal policy they would modestly boost demand in the near term.

As a result, they raised their forecasts for British GDP growth by 0.1 percentage points in each of 2025 and 2026.