Egypt s maritime terminal in Alexandria governorate, dubbed Tahya Misr (Long Live Egypt), (Photos courtesy of the Egyptian Ministry of Transportation)
The country's monthly exports decreased by 1.9 percent year-on-year (YoY) in August, reaching $3.36 billion, compared to $3.43 billion in August 2022.
The drop in exports was mainly driven by the decline in petroleum products exports, which went down by 61.5 percent on an annual basis, according to CAPMAS.
In August, the exports of fertilizers tumbled by 44.2 percent YoY, whereas the exports of crude oil jumped by 70.6 percent YoY.
Imports declined by 14.1 percent to $7.24 billion, down from $8.42 billion in August 2022, owing to the decrease in petroleum products, wheat, and crude oil products.
In August, passenger car imports skyrocketed by 124.4 percent YoY, while the imports of copper and its products soared by 53.7 percent YoY.
It is worth noting that Egypt’s trade deficit declined by 23.59 percent during the fiscal year 2022/2023, primarily due to a significant decline in non-oil imports.
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