Egypt’s trade balance deficit recorded a notable decline, reaching $3.66 billion in October 2024 compared to $4.36 billion in the same month of the previous year, reflecting a 16% decrease, according to the latest report released by the Central Agency for Public Mobilization and Statistics (CAPMAS).

The value of exports saw a significant increase of 21.3%, rising to $4.07 billion in October 2024 from $3.35 billion in October 2023.

 This growth was driven by higher export values of key products, including petroleum products up by 121.5%, crude oil up by 31.7%, ready-made garments up by 15.6%, and various food preparations up by 24.0%.

However, some export categories experienced a decline, such as fertilizers down by 14.2%, pharmaceuticals down by 36.6%, flat-rolled iron or steel products down by 56.0%, and ceramic tiles and sanitary ware down by 1.0%.

The value of Imports rose slightly by 0.2%, amounting to $7.73 billion in October 2024 compared to $7.71 billion in October 2023.

 This marginal increase was attributed to the rising import values of petroleum products up by 1.6%, natural gas up by 382.7%, primary plastics up by 12.5%, and organic and inorganic chemicals up by 21.4%l.

On the other hand, some imports saw a decline, including raw materials of iron or steel down by 8.8%, pharmaceuticals down by 5.2%, copper and its products down by 0.5%, and soybeans down by 3.6%.