Egypt's trade deficit dropped by 43.8 percent in May compared to the same month last year, the state-run statistical body CAPMAS revealed on Monday.

The trade deficit reached approximately $2.32 billion in May 2017 versus $4.14 billion a year earlier.

Exports saw an 8.8 percent increase in May 2017 compared to May 2016, rising to $2.28 billion from $2.09 billion.

Meanwhile, imports to Egypt dropped 26.1 percent in May 2017 compared to the previous year, dropping to $4.6 billion compared to $6.32 billion in May 2016.

The trade balance is one component of the balance of payments, along with other factors, including investment flows and tourism revenues.