Egypt’s trade deficit jumped 23.8% in April to hit $2.33 billion, up from $1.89 billion in April 2022, according to the monthly bulletin by the Central Agency for Public Mobilization and Statistics (CAPMAS).

Primarily driven by a decline in natural and liquefied gas exports, which fell by 75.6%, Egypt’s exports were down 44.9% to record $3.03 billion in April year-on-year from April 2022’s registered $5.5 billion.

Fruit exports dropped by 58.8% with exports of crude oil declining by 48.2%, followed by ready-to-wear garments by 34.1%, CAPMAS revealed.

Exports of steel bars, wires, and other products saw an incredible climb of 568.8% annually in April, while exports of prepared foods and baked goods increased by 35.6% year-on-year.

Egyptian imports slowed by 27.4% to reach $5.46 billion worth of goods, compared to $7.38 billion recorded in April 2022.

CAPMAS attributed this to a drop in key imports, including wheat imports which declined by 1.4%, organic and non-organic chemicals by 2.1%, plastics by 33.6%, and iron and steel imports by 52.4%.

Imported organic and inorganic chemicals decreased by 2.1% yearly in April, while plastic and steel raw materials imports fell by 33.6% and 52.4%, respectively, during the same period.

Petroleum products saw a 13.8% rise in imports, with corn imports jumping by 61.3%.