Egypt's Trade Deficit is Now $35 billion a Year
Egypt's trade deficit nearly doubled in the year through April as demand for its exports fell 14% but import costs rose:
Egypt's trade deficit soared to LE17.5billion ($2.9 billion) in April, 79.6 per cent higher than the same month the previous year, the state statistics agency CAPMAS said on Monday. The total value of Egyptian exports shed an annual 14 per cent, down to LE15.1 billion from LE17.6 billion in April 2011. CAPMAS attributed the drop to the decrease in international demand for Egypt's petroleum products, garments, fertilisers, fruit and dairy products.
On the other hand, the value of imported goods to Egypt, saw an increase, from LE27.3 billion in April last year to LE32.6 billion in the same month 2012, which suugests potential economic recovery because these imports feed into further economic activity. Egypt's main imports are petroleum products, steel, raw materials and wheat.
With the jump in wheat and other grain prices due to the American drought, Egypt's import costs will rise substantially. Given the collapse of tourism and the sharp reduction of worker's remittances after the Libyan revolution, Egypt's current account deficit will be almost as large as its trade deficit. That means Egypt will have its hand out for some $30 billion a year -- much larger than the most pessimistic estimates (including mine) just a few months ago. Egypt has $15 billion in total reserves but only $7 billion in liquid reserves.
I'd say they are in big trouble. My suspicion is that SCAF will let the Muslim Brotherhood government of Mohamed Morsi strut around just enough to attract blame for the disaster now in the works.
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|They are in big trouble [35 words]||customstickers||Aug 6, 2012 13:49|
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by Burak Bekdil
In Turkey however, the protests were not peaceful. They included smashing a sculpture than was neither Jewish nor Israeli.
It was the usual "We-Muslims-can-kill each other-but-Jews-cannot" hysteria.
If Turkish crowds were protesting against Israel in a political dispute, why Koranic slogans? Why were they protesting in Arabic rather than their native language? Do Turks chant German slogans to protest nuclear energy?
by Burak Bekdil
So in the EU-candidate Turkey, a pianist should be punished for his re-tweets, but a pop-singer should be congratulated for her first-class racist hate-speech. This is contagious.
No reporter present at Mr. Ihsanoglu's campaign launch speech thought about asking him if his commitment to the "Palestinian cause" included any affirmation of the Hamas Charter, in particular a section that says, "…The stones and trees will say, 'O Muslims, there is a Jew behind me, come and kill him.'"
Turkey is also the country where a few years earlier, a group of school teachers (yes, school teachers!) gathered in a demonstration to commemorate Hitler.
by Debalina Ghoshal
Despite Chapter VII of the UN Charter and UNSC Resolutions, it seems that North Korea will continue developing its missiles -- and eventually weaponize them with nuclear warheads.
"North Korea's ballistic and nuclear threat is very much a near-term threat. ... Steady progression in their program is not harmless." — Victor Cha, Centre for Strategic and International Studies.
On March 26, 2014, North Korea reportedly test-fired medium-range ballistic Rodong missiles -- capable of reaching Japan and U.S. military bases in the Asia-Pacific region.
Since February, South Korean officials claim that North Korea has confirmed at least 90 test-firings, among which ten were ballistic missiles.
by Khaled Abu Toameh
It is important to note that these cease-fire demands are not part of Hamas's or Islamic Jihad's overall strategy, namely to have Israel wiped off the face of the earth.
Many foreign journalists who came to cover the war in the Gaza trip were under the false impression that it was all about improving living conditions for the Palestinians by opening border crossings and building an airport and seaport. These journalists really believed that once the demands of Hamas and the Palestinian Islamic Jihad are accepted, this would pave the way for peace between the Israelis and the Palestinians.
To understand the true intention of Hamas and its allies, it is sufficient to follow the statements made by their leaders after the cease-fire announcement this week. To his credit, Ismail Haniyeh, Hamas's leader, has never concealed Hamas's desire to destroy Israel.
Hamas and its allies see the war in the Gaza Strip as part of there strategy to destroy Israel. What Hamas and its allies are actually saying is, "Give us open borders and an airport and seaport so we can use them to prepare for the next war against Israel."
by Burak Bekdil
A front-page headline was particularly revealing: They (Israel) bombed a mosque in Gaza! Including the exclamation mark!
A quick internet search, if you typed "mosque bombing Shiite-Sunni," would give you 782,000 results on July 16.
Why did we not hear one single Turkish voice protest the death of 300,000 Muslims in Darfur?
Hamas's Charter is must-read fun.