Exports rocketed by 50.5% year-on-year (YoY) in August to $3.26 billion, led by growth in pre-made meals and pastries by 66.9%
Egypt’s trade deficit decreased by 17.7% in August 2021, recording $2.91 billion compared to August 2020’s $3.53 billion, revealed the Central Agency for Public Mobilization and Statistics (CAPMAS) on Tuesday.
In its previous report, CAPMAS noted that the deficit dropped by 14.6% to hit $2.88 billion in July 2021, after its drop in June by 27.8%.
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Exports rocketed by 50.5% year-on-year (YoY) in August to $3.26 billion, led by growth in pre-made meals and pastries by 66.9%, plastics by 44.4%, ready-made garments by 35.5%, and fertilizers by 15.1%.
Furniture exports declined by 0.9% and perfumes and cosmetics by 5.5%.
Egypt’s imports climbed by 8.2% YoY to $6.17 billion, compared to $5.70 billion in August 2020, while July imports went up by 3.8% to $5.82 billion.
Imported commodities such as petroleum products rose by 91.9%, crude petroleum by 30.6%, medicines and pharmaceuticals by 18.6%, and raw materials of iron and steel by 36.6%.
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Imports that saw declines were organic and inorganic chemical materials which fell by 4.3%, wheat by 30.5%, phones for individuals by 5.3%, and meat by 43.5%.
Egypt’s Suez Canal recorded its highest monthly tonnage in its history with 112.1 million tons passing through the canal in October 2021, while trade between Egypt and the G20 countries increased by 19.4% to hit $36 billion in the first half of 2021 (1H 2021).