Egypt’s trade deficit narrows 20.5% in August, CAPMAS

Egypt’s balance of trade deficit reached $3.02 billion in August, down by 20.5 percent year-on-year (YoY) from $3.80 billion,  according to new report data by the Central Agency for Public Mobilization and Statistics (CAPMAS)

Exports

Egypt’s exports fell by 9.4% to $1.91 billion in August, compared to $2.11 billion in the same month a year earlier.

The decline in exports was ascribed to lower exports of petroleum products by 32.0%, crude petroleum by 46.5%, ready-made garments by 31.0%, and soap and detergents by 25.0%.

On the other hand, exports of fertilisers increased by 13.9%, plastics by 4.0%, and pastries by 32.6%.

Imports

The North African nation’s imports dropped by 16.6% to $4.93 billion in August from $5.91 billion in the corresponding month in 2019.

Imports of petroleum products decreased by 49.9%, wheat by 3.6%, meat by 8.0%, and raw materials of iron and steel by 44.7%.

Meanwhile, imports of crude petroleum rose by 67.8%, passenger cars by 36.5%, medicines and pharmaceuticals by 34.9%, and refined oils by 132.8%.