Egypt’s trade deficit falls 36.2% in May – CAPMAS

Egypt’s balance of trade deficit narrowed 36.2 percent to $2.59 billion in May from $4.05 last year, data released by the state-owned statistics  agency CAPMAS showed on Wednesday.

The most populous Arab nation’s exports fell 42.4 percent to $1.57 billion in May against $2.73 billion during the same month in 2019.

The decline in exports was ascribed to a decrease in the value of exports of fertilizers by 31.2 percent, crude petroleum by 44.3 percent, ready-made garments by 59.0 percent, and plastics by 47.9 percent.

On the other hand, exports of fresh fruits, aromatic oils and resins, and refined sugar surged by 44.1 percent, 117.5 percent, and 53.2 percent, respectively.

The value of imports also declined by 38.7 percent to $4.16 billion during May from $6.78 billion.

The decrease in imports was due to a slide in imports of steel and iron ore by 8.1 percent, organic, and inorganic chemicals by 26.9 percent, plastics by 31.0 percent, and soy beans by 3.9 percent.

Meanwhile, the imports of crude petroleum, dairy products, printing papers, as well as buses and minibuses rose by 34.7 percent, 1.2 percent, 22.8 percent, and 101.5 percent, in that order.