Egypt narrows trade deficit by 1.4% in February – CAPMAS

Egypt’s trade deficit narrowed by 51.4 percent year-on-year (YoY) to $1.95 billion in February, compared to $4.01 billion, the Central Agency for Public Mobilization and Statistics (CAPMAS) said.

The exports rose by 3.3 percent to $2.69 billon in February from $2.61 billion in the same month a year earlier, CAPMAS revealed in a statement on Wednesday.

Exports of pastries, fresh fruits, medicines and pharmaceuticals, and frozen vegetables increased by 11.4 percent, 65.3 percent, 32.4 percent, and 25.6 percent, respectively.

On the other hand, exports of petroleum products, ready-made garments, fertilizers, and crude petroleum declined by 23 percent, 6.6 percent, 20 percent, 55.1 percent, respectively

Imports 

Meanwhile, the imports fell by 29.9 percent YoY to $4.64 billion in February from $6.62 billion.

Imports of iron ore and steel, wheat, petroleum products, and plastics dropped by 28.6percent, 25.2 percent, 68.1 percent, and 36.2 percent, respectively.

On the other hand, imports of crude petroleum, cars, maize, and refined oils increased by 135.2 percent, 23.3 percent, 10.5 percent, and 38.6 percent.