Egypt’s trade balance deficit falls 2.7% in February – CAPMAS

Egypt’s trade balance deficit dropped 2.7 percent to $3.63 billion in February from $3.72 billion in the same period last year, the state-owned statistics agency CAPMAS on Monday.

“Egypt’s exports rose 2.2 percent to $2.48 billion during February 2019 against $2.43 billion during the same month last year,” CAPMAS said.

Exports of crude oil, plastics, potatoes, and fresh fruit increased 13 percent, 29.6 percent, 27.9 percent, and 94.2 percent, respectively last February.

Meanwhile, exports of ready-made garments, fertilizers, fresh oranges, and carpets fell 4.1 percent, 5.5 percent, 67.8 percent, and 9.5 percent, respectively.

“Egypt’s imports dropped 0.7 percent to $6.11 billion during February 2019, compared with $6.15 billion during the same month in 2018,” the agency added.

Imports of oil, iron or steel, passenger cars, and soybeans also declined 25.5 percent, 26.5 percent, 2 percent, and 0.9 percent, respectively last February.

Meanwhile, imports of plastics, drugs, and wheat, besides Organic and inorganic chemicals climbed 15.1 percent, 48.4 percent, 37.7 percent, and 4.9 percent, respectively.