Egyptian trade balance deficit rises 8.4% in July

Big 5

Egypt’s trade balance deficit rose by 8.4 percent year-on-year in July to $4.10 billion from $3.97 billion.

The value of the North African nation’s exports increased by 8.9 percent last July to $2.23 billion, versus exports of $2.05 billion in the same month of 2017, data issued by the Central Agency for Public Mobilization and Statistics (CAPMAS) showed on Sunday.

The CAPMAS attributed the growth in exports to the 15.9 percent rise in the value of crude oil exports, the 12 percent increase in ready-made clothing exports, as well as the hike in plastic exports by 46.8 percent .

On the other hand, Egypt’s fertiliser exports fell 34.9 percent year-on-year in July, whereas exports of fresh fruits and dairy products dropped by 54 percent and 19 percent, respectively, the CAPMAS indicated.

Moreover, the value of the Egyptian imports rose by 8.6 percent to $6.33 billion in July, compared to $5.84 billion in the prior-year period.

The value of iron and steel imports grew by 52.2 percent , whereas imports of petroleum products and vehicles rose by 7.5 percent and 71.8 percent, respectively.

Meanwhile, plastic imports slipped by 1.3 percent in July, while the value of pharmaceuticals and chemical materials imports fell by 15.8 percent and 5.6 percent, respectively, the CAPMAS added.