Egypt’s trade deficit falls 25.8% in August – CAPMAS

Egypt’s trade deficit fell 25.8 percent to $3.51 billion in August from $4.73 billion during the same month in 2018r, according to data released by the state-owned statistics agency (CAPMAS) on Sunday.

The North African nation’s exports fell by 3 percent year-on-year to $1.97 billion in August against $2.03 billion, driven by a drop of 18.3 percent in crude oil, besides a 49.8 percent slide in petroleum products, and a 19.8 percent decrease in packaged food, the state-run body revealed, Mubasher reported.

On the other hand, exports of ready-made garments, plastics, soap, and detergents, fresh fruit, sanitary ware, and tiles increased by 1.1 percent, 1.9 percent, 54.5 percent, 23.3 percent, and 31.2 percent, respectively.

Meanwhile, the most populous Arab nation’s imports dipped by 19 percent to $5.48 billion during the eighth month of 2019, compared with $6.76 billion in the same month last year.

Imports of petroleum products, iron ore and steel, plastics, and wheat went down by 33.3 percent, 18.8 percent, 17.3 percent, and 2.9 percent, respectively.

However, some imports rose during the month including meat, organic and inorganic chemical materials, and phones for individuals which grew by 33.0 percent, 6.5 percent, and 19.6 percent, respectively.