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Trade Deficit falls by 35.8% in May to $2.61B, up from April’s $1.7B | CAPMAS

Export value was up by 18.3% in May, recording $4.01 billion compared to May 2021’s $3.39 billion

By: Business Today Egypt

Wed, Aug. 17, 2022

Egypt’s trade deficit fell by 35.8% during May 2022 Y-o-Y to hit $2.61 billion, compared to $1.7 billion in April and $4.06 billion in May 2021, according to the latest data fresh out of the Central Agency for Public Mobilization and Statistics (CAPMAS).

Export value was up by 18.3% in May, recording $4.01 billion compared to May 2021’s $3.39 billion.

CAPMAS attributed the uptick to the increase in the export value of certain commodities, mainly ready-made clothes by 48.1%; petroleum, natural and liquefied gas products by 44.1%; fertilizers by 33.9%; and crude oil by 30.7%.

Some commodities did see declines in export value such as by 23.5%, pasta and food preparations by 13.7%, and medicines and pharmaceutical preparations by 10%.

Import value saw a decrease of 11.1% to record $6.62 billion in May, compared to $7.45 billion in May 2021.

The statistics agency noted this was due to the decline in value of certain imported commodities such as petroleum products by 24.2%, creditors in their primary forms by 18%, medicines and pharmaceutical preparations by 17.4%, and crude oil by 9.2%. 

The value of imports of some commodities increased during May 2022 compared to the same month of the previous year, such as: Iron or steel raw materials by 25.6%, organic and inorganic chemicals by 17%, meat by 158.9%, and dairy and dairy products by 24%.