Egypt’s trade deficit rises 6.8% in April – CAPMAS

Egypt’s trade deficit rose 6.8 percent last April to $3.87 billion from $3.63 billion during the same month in 2018, the state-owned statistics agency CAPMAS announced on Friday.

Exports also increased 0.5 percent to $2.58 billion in April 2019 versus $2.57 billion during the same month in 2018, CAPMAS said in its ts monthly bulletin.

The bulletin attributed the increase of exports to the rise in the exports of petroleum products by 231.1 percent, crude oil by 35 percent, ready-made garments by 4.8 percent, and plastics by 8.8 percent.

Meanwhile, exports of some other commodities witnessed a decline in April such as fertilizers which decreased by 3.1 percent, Pasta and various food preparations by 3.4 percent, dairy products by 21 percent and furniture by 28.2 percent.

As per imports, the bulletin showed an increase of 4.2 percent to hit $6.46 billion in April of the current year, compared to $6.20 billion in April 2018.

CAPMAS ascribed this increase to the rise in imports of raw materials of iron or steel by 8.4 percent, wheat by 22.3 percent, plastics by 4.8 percent, and pharmaceuticals and pharmaceutical preparations by 54.8 percent.

On the other hand, imports of other commodities showed a drop such as petroleum products by 6 percent, organic and non-organic chemicals by 13.1 percent, soybean by 7.1 percent, and motor vehicles by 24.3 percent.

In March, Egypt’s trade deficit rose 10.1 percent, recording $4.15 billion, compared to $3.77 billion in the same month of 2018.

Source: Egypt Today