According to official figures, Egypt’s trade balance deficit decreased by 10.3 percent in May thanks to exports of fruit, clothing, and carpets while imports decreased.
The value of goods leaving Egypt rose by 0.4 percent year over year to reach $3.81 billion in the fifth month of 2024, according to data released by the Central Agency for Public Mobilization and Statistics of the north African nation. In contrast, the value of goods entering Egypt fell by 5.1 percent to stand at $7.38 billion.
This resulted in a $3.57 billion trade deficit, which was somewhat offset by sharp declines in the import of chemicals and pharmaceuticals.
Following a notable widening of Egypt’s current account deficit in the first nine months of the fiscal year 2023–2024, which concluded on June 30, the trade balance numbers were closed.
The Central Bank of Egypt released new data showing that the deficit increased to $17.1 billion from $5.3 billion in the same time last year.
The CBE ascribed this shift to the falling value of oil exports, which exceeded the falling value of the commodity’s imports.
According to the CAPMAS statement, the increase in the nation’s exports was mostly driven by fresh fruits, which increased by 17.4%, ready-made clothing, which increased by 5.5%, doughs and culinary preparations, which increased by 32.2%, and carpets and kilims, which increased by 1.3 percent.
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