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Sunday, 19 January 2020

Egypt's trade deficit declines by 18.9 percent in June

MENA , Sunday 13 Oct 2019
 Central Bank of Egypt s
File Photo: Central Bank of Egypt sailed well through the Financial Crisis. (Photo: Reuters)
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Egypt’s trade deficit dropped by 18.9 percent during June 2019, recording $4.21 billion, compared to $5.18 billion in the same month of 2018, according to the state's statistics agency CAPMAS.

In its monthly bulletin on foreign trade data, CAPMAS said that exports decreased by 5.7 percent to reach $2.22 billion in June 2019, compared to $2.35 billion during the same month of 2018.

The bulletin attributed the decrease of exports to lower exports of petroleum products by 32.6 percent, crude oil by 9.3 percent, fertilisers by 15.5 percent, and furniture by 22.6 percent.

Meanwhile, exports of some other commodities witnessed an increase in June such as ready-to-wear garments, which were up by 9.7 percent, pasta and various food products by 8.1 percent, and fresh fruits by 13.5 percent.

As per imports, the bulletin showed a decline of 14.8 percent to hit $6.42 billion in June of the current year, compared to $7.53 billion in June 2018.

CAPMAS attributed this decrease to the decline in imports of petroleum products by 24.6 percent, raw materials of iron or steel by 37.2 percent, plastics by 6.2 percent, and motor vehicles by 10 percent.

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