The value of exports rose by 10.7 percent to $3.54 billion in July, compared to $3.20 billion in July 2023.

This increase is attributed to the higher export values of certain goods, most notably ready-made garments by 37.4 percent, petroleum products by 98.5 percent, various food preparations by 36.8 percent, and plastics by 3.2 percent.

However, the value of some exports decreased, such as crude oil by 62.6 percent; fertilizers by 61.0 percent; iron rods, bars, angles, and wires by 34.2 percent; and plastic products by 0.1 percent.

Meanwhile, the value of imports increased by 14.9 percent on an annual basis to $8.14 billion, up from $7.08 billion.

CAPMAS attributed this increase to the rise in purchases of certain goods. 

Imports of petroleum products increased by 83.6 percent, natural gas by 210.1 percent, raw materials like iron or steel by 49.4 percent, and pharmaceuticals by 7.9 percent.

Nevertheless, the value of imports of other goods decreased, such as wheat by 5.3 percent, passenger cars by 26.8 percent, corn by 16.7 percent, and soybeans by 12.4 percent.

Egypt’s trade deficit narrowed by 5.1 percent year-on-year (YoY) in June to $2.87 billion, down from $3.02 billion.

The country's current account deficit expanded during the first nine months of FY2023/2024, which concluded on 30 June, reaching $17.1 billion compared to $5.3 billion for the same period in FY2022/2023, according to the Central Bank of Egypt (CBE).