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Egypt’s trade deficit drops 12.4% in June to hit $3.21B | CAPMAS

The value of exports dropped by 3.3% to hit $3.75 billion in June, compared to June 2021’s recorded $3.88 billion

By: Business Today Egypt

Tue, Sep. 13, 2022

Egypt’s trade deficit declined by 12.4% during June 2022, recording $3.21 billion, compared to $3.66 billion recorded in June 2021, revealed the latest data from the Central Agency for Public Mobilization and Statistics (CAPMAS). Trade deficit fell by 35.8% in May 2022, hitting $2.61 billion.

The value of exports dropped by 3.3% to hit $3.75 billion in June, compared to June 2021’s recorded $3.88 billion.

CAPMAS attributed the decrease mainly to the drop in value of certain commodities including flat rolled iron and steel by 31.7%; fertilizers by 20.9%; food preparations and food products fell by 8.7%; bars, rods, angles and wires of iron by 6.8%.

Exports of commodities that climbed in value included oil, natural and liquefied gas products, which dropped by 49.4%, crude oil by 15.6%, ready-to-wear clothing by 12.7%, and plastics in their primary forms by 29.4%.

Import value declined by 7.7% to hit $6.9 billion during June, compared to June 2021’s $7.54 billion.

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The statistics agency attributed the drop to the decline of certain import commodities such as wheat by 238.4%, soybeans by 35.3%, plastics in their primary forms by 9.9%, medicines and pharmaceutical preparations by 3.5%, and raw materials of iron or steel by 2.7%.

The value of imports of some commodities increased during June 2022 including petroleum products by 165.8%, crude oil by 9.7%, corn by 50.1%, wheat by 238.4%.