Egypt’s trade deficit drops by 50.4% in June

Egypt’s trade deficit dropped to $1.82 billion during June, compared to $3.66 billion during the same month of last year, declining by about 50.4 percent, the Central Agency for Public Mobilization and Statistics (CAPMAS) said Sunday.

CAPMAS said in a statement that exports declined by 2.1 percent to reach $1.88 billion in June, compared to $1.92 billion during the same month of last year.

CAPMAS explained that the decline is due to the decrease in value of exports of some commodities, the most important of which is crude oil, dropping by 15.9 percent, pastries and food preparations by 25.8 percent, furniture by 36.0 percent, and pharmaceuticals by 34.5 percent.

On the other hand, exports of some commodities increased in June compared to the same period of the previous year. The most important notable rises being fresh fruits by 3.3 percent, ready-made clothes by 12.0 percent, fertilizers by 62.0 percent and plastics by 15.8 percent.

Imports fell by 33.7 percent to $3.7 billion in June, a drop from the $5.59 billion made last year. The decrease in imports was due decreased value of commodities imports such as iron and steel by 47.4 percent, pharmaceuticals by 47.8 percent and plastics in primary forms by 43.3 percent.

Import values of some goods rose in June 2017, compared to the same month of the previous year, the most important being soybeans by 10.1 percent, doors, pillar and installations made up of iron or steel by 1.6 percent and crude oil by 363.2 percent.

Edited Translation from Al-Masry Al-Youm

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