A cargo ship makes its way along the Suez Canal (Photo: Reuters)
Egypt’s trade deficit dropped 44.4 percent in March to EGP 19.9 billion, down from EGP 35.7 billion in the same month a year earlier, official statistics agency CAPMAS announced on Tuesday.
Imports fell 27.2 percent to EGP37.5 billion, down from EGP51.5 billion, driven mainly by a sharp decline in the import of petroleum products by 22.2 percent, raw materials for steel by 15.5 percent and passenger cars by 21.9 percent.
The rise in the value of petroleum products, on the other hand, has contributed to an 11.7 percent increase in exports to EGP 17.6 billion from EGP 15.8 billion.
Fertiliser prices also surged 158.4 percent, contributing to a higher value for exports.