Egypt’s trade balance deficit has fallen by 28.7%, recording $2.7 billion in July 2022 when compared to July 2021’s $3.8 billion, the Central Agency for Public Mobilization and Statistics (CAPMAS) revealed on Tuesday.

The value of Egyptian exports in July saw a slight incline of 2.2% annually to hit $3.13 billion, comparing it to July 2021’s $3.07 billion, thanks to a significant 89.4% surge in petroleum product exports.

CAPMAS also attributed export growth to an increase in exports of items including fertilizers by 6.7%, plastics in primary forms by 3.4%, and fresh fruits by 11.4%.

Exports of crude oil fell by 30.5%, with flour-based commodities and certain foods decreasing as well due to the scarcity of grain imports.

Drops in the volume of exports of ready-made garments, carpets, and traditional kilims were also recorded.

Imports also declined, declining 14.8% to $5.81 billion in July, versus the recorded $6.82 billion from July 2021. In August, Egypt eased some of its import restrictions that were implemented throughout 2022.

The fall in imports were driven by a drop in certain imports, including raw materials of iron or steel by 13.3%, crude oil by 40%, soybean by 33.5%, and pharmaceutical products by 24.1%.

Some imports did see an uptick in July, with petroleum products surging by a whopping 597.9%, plastics in primary forms by 11.4%, and corn by 3.4%.