Egypt’s trade balance deficit drops 5.1% in June – CAPMAS

Egypt’s trade balance deficit eased by 5.1 per cent in June 2024. The latest foreign trade data shows that the deficit amounted to $2.87 billion in June, compared to $3.02 billion in June 2023.

A report released by Central Agency for Public Mobilisation and Statistics (CAPMAS) further showed a 1.6 per cent year-on-year decline in exports, which reached $3.13 billion in June 2024, down from $3.18 billion in the same month in 2023.

The drop resulted from lower export values for key goods, including fertilisers, which fell by 42.9 per cent, crude oil by 64.6 per cent, iron products such as bars and rods by 23.7 per cent, and fresh onions by 25.4 per cent. However, certain goods experienced an increase in export values, such as petroleum products, which rose by 56.3 per cent, ready-made garments by 5.5 per cent, fresh fruits by 24.3 per cent, and various food pastes and preparations by 12.4 per cent.

On the imports side, the value decreased by 3.3 per cent, totalling $6.0 billion in June 2024, compared to $6.21 billion in June 2023. The decline was driven by reduced imports of wheat, down by 21.5 per cent, medicines and pharmaceutical products by 11.9 per cent, plastics in primary forms by 4.2 per cent, and corn by 28.6 per cent. Nevertheless, imports of petroleum products increased by 49.8 per cent, raw materials of iron or steel by 33.6 per cent, organic and inorganic chemicals by 5.8 per cent, and natural gas by 39.6 per cent.
These fluctuations reflect changes in global market dynamics and Egypt’s trade activities during this period.

Attribution: Emailed CAPMAS report

Subediting: Y.Yasser