Egypt’s trade deficit more than halves in July, CAPMAS says

Egypt’s balance of trade deficit shrunk by 51.8 percent year-on-year (YoY) to $2.28 billion in July from $4.73 billion, according to a new report released by the Central Agency for Public Mobilization and Statistics (CAPMAS) on Thursday.

Exports

The most populous Arab nation’s exports declined to $2.15 billion in July from $2.53 billion in the same month a year earlier.

The decrease in exports was ascribed to lower exports of ready-made garments by 22.6 percent, fertilisers by 4.0 percent, petroleum products by 60.9 percent, and crude petroleum by 43.7 percent.

On the other hand, exports of carpets and rags increased by 7.8 percent, medicines and pharmaceutical products by 4.0 percent, furniture by 12.4 percent, and iron rods and wires by 101.3 percent.

Imports

The country’s imports also fell by 39.0 percent YoY to $4.43 billion in July from $7.26 billion as imports of medicines and pharmaceutical products and organic and inorganic chemical products decreased by 15.3  percent and 24.2 percent, respectively, while crude petroleum imports dropped by 71.4 percent.

Meanwhile, imports of crude petroleum grew by 104.3 percent, refined oils by 4.0 percent, and doors and structures of iron or steel by 63.7 percent.