Egypt's trade deficit plunges in June

Egypt's trade balance deficit dropped to LE9.09 billion ($1.27 billion) in June 2014, the state-run statistical body CAPMAS reported Monday.

The figure represents a 63.5 percent decrease compared to the same month in 2013, when the deficit stood at LE24.88 billion ($3.48 billion).

The report attributed the plunge to 3.8 percent higher exports and 35.5 percent lower imports in June year-on-year.