Egypt’s trade deficit grew to $39.6 billion in FY2023/2024, up from $31.2 billion the previous year, primarily pushed by a steep drop in oil exports
CAPMAS noted an increase in certain commodities, primarily petroleum products by 16.3%, ready-made clothing by 31.4%, pasta and food preparations by 45%, and medicines and pharmaceutical preparations by 64%
Export figures for March 2024 showed a decline of 10.9%, with total exports amounting to $3.57 billion, down from $4.0 billion
According to CAPMAS, the value of exports decreased by 15.6%, reaching $3.46 billion during January 2024, compared to $4.10 billion during January 2023.
This was due to the decrease in the value of Egypt's non-oil imports, which reached $18 billion during Q4 of 2023, compared to about $19 billion during the same quarter of 2022, with a decrease rate of about 5.3%.
