Egypt’s trade deficit falls 35% in four months – minister

Egypt’s balance of trade deficit declined by $5.570 billion or 35 percent year-on-year during the first four months of 2020, Minister of Trade and Industry Nevine Gamea announced on Wednesday.

Increasing reliance on local products has contributed to narrowing the trade deficit, Gamea added.

Non-oil imports dropped to $18.797 billion in the first four months of the year, down by 24 percent from $24.580 billion, while exports fell slightly by 2 percent during the same period.

These exports include construction materials, chemicals, fertilizers, food industries, and agricultural crops, whereas imports that declined the most include engineering industries, ready-made garments, textiles, and leather products, chairman of the General Organization for Export and Import Control (GOEIC) Ismail Gaber, said.