CAPMAS attributes the decline to the reduction of prices in some commodities, including oil products, ready-to-wear clothes and fertilizers
Trade deficit has dropped by 32.4 percent to $2.7 billion in September, compared to 4 billion in September 2019 states Central Agency for Public Mobilization and Statistics (CAPMAS).
According to their report, the value of exports decreased by 2.8 percent to $2.3 billion in the same month, compared to 2.4 billion in 2019.
CAPMAS attributes the decline to the reduction of prices in some commodities, including oil products, ready-to-wear clothes and fertilizers.
They also noted that the value of imports has also dropped, going down to 21.3 percent, to $5 billion, compared to last year’s $6.4 billion in September.
On the upside, earlier today the Minister of Agriculture and Land Reclamation, El Sayed el Quseir, has announced that Egypt's agriculture exports have increased to 4.9 million tons, in spite of the disruption on global transport and trade movements caused by the COVID-19 virus.
Since the start of the outbreak, 421 tons of onions have been exported, with beets coming in fourth place of top exports estimated at 344,970 tons, said Quseir.
Earlier this month, the Central Bank of Egypt (CBE) announced that Egypt’s non-oil trade deficit dropped by $2 billion to record at $36 billion during the fiscal year of 2019/2020.
CBE attributed the decline to a hike in non-oil product exports, largely stimulated by the rise in gold exports and the retreat of non-oil merchandise.
