Egypt’s trade balance deficit falls 38.5% in November – CAPMAS

Egypt’s trade balance deficit fell by 38.5 percent to reach $2.15 billion in November 2022, compared to $3.5 billion in the same period last year, Egyptian Central Agency for Public Mobilisation and Statistics (CAPMAS) announced on Tuesday.

The monthly bulletin of the foreign trade data showed a decline in Egypt’s value of exports of 17.8 percent, reaching $3.79 billion last November compared to $4.61billion of November 2021.

This comes after a decline in some exported commodities such as; liquefied natural gas by 13.3 percent, crude oil by 15.6 percent, fertilizers by 13.3 percent and oil products by 36.8 percent.

Some commodities contribute to increase the value of export including, ready-made garments rose by 17.2percent, food preparation ingredients hiked by 18.7 percent, and fresh fruit increased by 72.6 percent.

Egypt’s imports have declined by 26 percent, to reach $5.94 billion in November 2022 compared to $8.11 billion in same period 2021, CAPMAS added.

The decline was due some commodities; crude oil fell by 9.6 percent, pharmaceuticals decrease by 29.6 percent, and primary materials of iron or steel by decline 40.3 percent.

Moreover, Egypt’s imports of other commodities have increased such as; wheat rose by 10.2 percent, oil products jumped by 51.2 percent, natural gas increased by 134.2 percent, steel supplies hiked by 58.6 percent.