Egypt’s trade balance deficit fell by 29.4% to $2.7 billion in February 2022, dropping from February 2021’s $3.82 billion, revealed by the Central Agency for Public Mobilization and Statistics’ (CAPMAS) latest report.

The value of Egyptian exports surged by 41%, reaching$4.12 billion in the 2nd month of the year, compared to $2.92 billion in February 2021.

Other Export News > Value of Egyptian exports from COMESA dropped $15.6M in Dec. 2021| CAPMAS

CAPMAS attributed the increase in export value due to increases in several exported commodities, including potatoes which increased by 56.8%, ready-made clothes by 19.5%, and fertilizers by 11.6%.

Exports of fresh oranges dropped by 31%, pasta and various food preparations by 11.7%, and dairy products by 6%.

Import value saw a slight climb in February, going up 1.2% to record $6.82 billion, compared to $6.74 billion in 2021.

Import of petroleum products significantly surged during February, jumping by 81.3%, with raw materials of iron or steel up by 61.7%, and organic and inorganic chemicals by 33.7%.

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Wheat imports fell by 48.4%, with medicines and pharmaceutical preparations by 11%.

Since the start of the Russia/Ukraine conflict in February, Egypt has faced challenges in importing its usual wheat supplies, mainly due to the two countries being Egypt’s main wheat providers.