Exports declined

Exports reached $3.44 billion in February, a 22.2 percent shrinkage from $4.42 billion in February 2022.

Key exports included natural gas, fertilisers, petroleum products, and raw plastics.

In February, exports of fresh fruits increased by one percent year-on-year (YoY), while exports of food preparations and bakeries surged by 55.5 percent YoY. Exports of some steel products skyrocketed 534.6 percent YoY.

Oil and gas imports soared

Imports declined by 34.7 percent to $5.54 billion in February, down from $8.48 billion in the corresponding month the year before.

Steel and iron, raw materials, pharmaceuticals, and wheat imports decreased by 54.9 percent, 36.1 percent, and 4.7 percent YoY, respectively.

Imports of petroleum products increased by 18.1 percent YoY in February 2023, and natural gas and crude oil imports surged by 70 percent and 75.1 percent YoY, respectively. Coal imports rose by 6.7 percent YoY.

Egypt's trade balance deficit recorded $2.48 billion in January, a 47 percent drop from $4.68 billion in the same month in 2022.

Egypt is set to hold an international press conference in the next few days to announce key updates on its economic situation, Prime Minister Mostafa Madbouly announced on Wednesday.