The value of exports decreased by 1.6 percent YoY, recording $3.13 billion, compared to $3.18 billion a year earlier.

This decline came due to a decrease in the value of commodity exports, most notably crude oil by 64.6 percent, fertilizers by 42.9 percent, and fresh onions by 25.4 percent.

However, the value of exports of some goods increased: petroleum products by 56.3 percent, ready-made garments by 5.5 percent, and fresh fruits by 24.3 percent.

Meanwhile, the value of imports decreased by 3.3 percent on an annual basis to $6 billion, down from $6.21 billion.

CAPMAS attributed this decrease to the decline in purchases of certain goods. 

Imports of corn declined by 28.6 percent, wheat by 21.5 percent, and medicine and pharmaceutical preparations by 11.9 percent.

Nevertheless, the value of imports of other goods increased: petroleum products by 49.8 percent, natural gas by 39.6 percent, and raw materials like iron and steel by 33.6 percent.

Similarly, Egypt’s trade deficit narrowed by 10.3 percent YoY in May to $3.5 billion, down from $3.9 billion a year earlier.

Egypt’s current account deficit widened in the first nine months of FY2023/2024, which ended on 30 June, recording $17.1 billion against $5.3 billion in the corresponding period of FY2022/2023, according to the Central Bank of Egypt's (CBE) latest figures.

The CBE said this performance was driven by a $5.1 billion deficit in the oil-trade balance after a $1.7 billion surplus a year earlier, as the decline of oil export value surpassed that of oil imports.