Egypt's trade deficit dropped by 24.9 percent in January compared to the same month a year prior due to the fall in the imports of raw materials, wheat and automotives, said official statistics agency CAPMAS in a statement on Tuesday.
Egypt's trade deficit fell to EGP 22.3 billion in January, down from EGP 29.67 billion in the same month the previous year.
During this period, imports fell 21 percent to EGP 32.9 billion, down from EGP 41.7 billion, driven mainly by a sharp decline in the import of raw materials for steel by 44.1 percent, wheat by 40.7 percent and automotives by 42.8 percent.
Imports of petroleum products, crude oil, mobile phones and apples rose during the last year.
Exports also fell by 11.6 percent to EGP 10.6 billion in January, down from EGP 12 billion in the same month a year earlier, driven by a decline in the value of crude oil, ready-made garments and food products.