Egypt’s trade deficit expands to $4.4b in Sept.

Egypt’s trade deficit widened to $4.40 billion in September 2024, marking a 22.8 per cent year-on-year increase, according to data released by the Central Agency for Public Mobilisation and Statistics (CAPMAS) on Wednesday.

Egypt’s exports increased 10.2 per cent year-on-year to $3.46 billion in September 2024. Notable growth was seen in petroleum products (+146.5 per cent), ready-made garments (+28.7 per cent), raw plastics (+42.1 per cent), and food paste products (+11.1 per cent). However, declines were observed in key export sectors; crude oil (-66.0 per cent), fertilisers (-40.2 per cent), fresh fruits (-8.8 per cent), and bars, rods, angles, and wires made of iron (-14.0 per cent) declined.

Meanwhile, imports increased 16.9 per cent year-on-year to $7.86 billion in September, driven by higher imports of petroleum products (+33.9 per cent), natural gas (+138.6 per cent), plastics in their primary forms (+20.1 per cent), and medicines and pharmaceutical preparations (+1.7 per cent). Declines were observed in key import sectors; wheat (-22.3 per cent), iron and steel raw materials (-19.1 per cent), passenger cars (-25.2 per cent), and corn (-25.9 per cent) declined.

Attribution: CAPMAS

Subediting: Y.Yasser