Egypt’s trade balance deficit rises 44% in June

Egyptian trade balance deficit rose by 44 percent in June to $3.62 billion from $2.51 billion last year.

Egypt’s exports increased by 7.8 percent last June, recording $2.10 billion, versus exports of $1.95 billion in the same month a year ago, the Central Agency for Public Mobilisation and Statistics (CAPMAS) said in a statement on Sunday.

The CAPMAS attributed the growth in exports to the 33.9 percent rise in crude oil exports and the 45.4 percent hike in plastic exports, as well as the surge in detergent exports by 120.2 percent.

On the other hand, crude oil exports fell year-on-year by 15.2 percent last April, in addition to exports of potato and fertilisers which dropped 4.6 percent and 62.1 percent, data showed.

On the other hand, the value of Egyptian imports fell in June as imports of ready-made clothing fresh fruits, and fertilisers went down by 17.5 percent, 33.2 percent, and 27.8 percent, respectively.

Earlier this morning, trade minister Amr Nassar said that Egypt’s non-oil exports rose by 14.3 percent year-on-year during the first seven months of 2018, recording $14.89 billion from $13.25 billion.

Meanwhile, Egyptian non-oil imports increased by 15.28 percent to reach $38.15 billion in the January-July period of this year, compared to $33.97 billion in the same period of 2017.

External trade grew by 15 percent to $53.048 billion in the seven-month period, versus $46.12 billion in the prior-year period, Nassar added.