CAPMAS: Egypt’s trade balance deficit shrinks in Oct ’24

Egypt’s trade balance deficit dropped to $3.66 billion in October 2024, a 16.0 per cent decline from $4.36 billion recorded in the same month the previous year, according to the Central Agency for Public Mobilization and Statistics (CAPMAS).

The latest data, released on Wednesday highlighted a significant rise in exports, which increased by 21.3 per cent to reach $4.07 billion in October 2024, up from $3.35 billion in October 2023. The growth was driven by higher export value of petroleum products (121.5 per cent), crude oil (31.7 per cent), ready-made garments (15.6 per cent), and food preparations (24.0 per cent).

In contrast, exports of fertilisers (14.2 per cent), pharmaceuticals (36.6 per cent), flat-rolled iron or steel products (56.0 per cent), and ceramic tiles (1.0 per cent) saw declines compared to the same month in 2023.

On the imports side, the total value of imports rose marginally by 0.2 per cent, to $7.73 billion in October 2024, compared to $7.71 billion in the same month the previous year. The increase was attributed to higher import value of petroleum products (1.6 per cent), natural gas (382.7 per cent), primary plastics (12.5 per cent), and organic and inorganic chemicals (21.4 per cent).

Meanwhile, imports of raw materials of iron or steel (8.8 per cent), pharmaceuticals (5.2 per cent), copper products (0.5 per cent), and soybeans (3.6 per cent) declined.

The data underscores Egypt’s efforts to improve its trade balance while addressing fluctuations in the export and import performance of key commodities.

Attribution: Amwal Al Ghad English

Subediting: M. S. Salama