Egypt’s trade deficit rises in August ’24 – CAPMAS

Egypt’s trade deficit reached $4.88 billion in August 2024, a 21.3 per cent increase from the previous year, according to a latest data released by the Central Agency for Public Mobilisation and Statistics (CAPMAS) on Wednesday.

Egypt’s export value fell 7.2 per cent to $3.45 billion during August 2024 compared to $3.72 billion in the same month the previous year. The decrease was mainly driven by a sharp 52.7 per cent decline in crude oil exports.

Moreover, the export value of petroleum products increased 143.4 per cent, ready-to-wear garments rose 6.4 per cent, bars, angles, and steel wires up 13.2 per cent, and dry legumes exports surged 47.7 per cent.

The country’s imports surged 7.6 per cent to $8.34 billion during August 2024 compared to $7.75 billion in the same month of 2023. The increase was due to significant rises in petroleum products (81.2 per cent), natural gas (234.7 per cent), and wheat (26.5 per cent).

Attribution: Emailed CAPMAS report

Subediting: M. S. Salama