Egypt’s trade deficit narrows by 28.8% in October

Egypt’s balance of trade deficit shrank by 28.8 percent year-on-year (YoY) to $2.9 billion in October from $4.1 billion in the same month a year earlier, according to data released by the Central Agency for Public Mobilization and Statistics (CAPMAS).

Exports

The most populous Arab nation’s exports declined by 13.1% to $2.2 billion in October from $2.5 billion in the corresponding month in 2019.

The decline in exports was ascribed to a decrease in the value of exports of ready-made garments by 6.6 percent, petroleum products by 27.3 percent, crude petroleum by 34.3 percent, and fertilisers by 16.4 percent.

On the other hand, exports of pastries and food preparations rose by 2.1 percent, carpets and rugs by 3.5 percent, and furniture by 33.5 percent.

Imports

The North African nation’s imports also fell by 22.8 percent to $5.1 billion in the 10th month of 2020, compared to $6.6 billion in the same month a year earlier.

Imports of petroleum products retreated by 32.8 percent, crude petroleum by 20.7 percent, medicines and pharmaceuticals by 0.3 percent, and raw materials of iron and steel by 32 percent.

Meanwhile, imports of wheat increased by 27.1 percent, passenger cars by 6.2 percent, and copper and its products by 22.6 percent.