Egypt’s trade deficit decreases by 10.3% in May 2024

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Egypt’s trade balance deficit reached $3.57bn in May 2024, compared to $3.98bn in the same month of the previous year, marking a 10.3% decrease, according to the data released by the Central Agency for Public Mobilization and Statistics (CAPMAS).

The value of exports increased by 0.4%, reaching $3.81bn in May 2024, up from $3.79bn in May 2023. This rise was driven by increased exports of several commodities, including fresh fruits (up 17.4%), ready-made clothes (up 5.5%), doughs and food preparations (up 32.2%), and carpets and kilims (up 1.3%).

Conversely, the export value of some commodities decreased in May 2024 compared to May 2023. These included crude petroleum (down 4.3%), petroleum products (down 17.4%), fertilizers (down 5.2%), and plastics in their primary forms (down 10.5%).

The value of imports decreased by 5.1%, reaching $7.38bn in May 2024, down from $7.77bn in May 2023. This decline was due to reduced imports of several commodities, such as raw materials of iron or steel (down 0.3%), plastics in their primary forms (down 2.9%), medicines and pharmaceutical preparations (down 24.7%), and organic and inorganic chemicals (down 23.3%).

However, imports of some commodities increased in May 2024 compared to May 2023. These included petroleum products (up 86.1%), wheat (up 153.6%), natural gas (up 39.2%), and passenger cars (up 15.2%).