Cairo – Mubasher: Egypt’s non-oil trade balance deficit contracted by 10.8%, or $1 billion, year-on-year during the first quarter of fiscal year 2019/2020.
The North African nation’s trade deficit retreated to $8.2 billion during the July-September period, compared to $9.2 billion in the prior-year period, according to data released by the Central Bank of Egypt (CBE) on Wednesday.
The drop in trade deficit was ascribed to an increase in Egyptian non-oil exports and a decline in the country’s imports during the three-month period ended 30 September.
Exports
Egypt’s non-oil exports grew by $707.3 million to $4.7 billion in Q1 of FY19/20, up from $4 billion in the year-ago period.
Top rising exports included gold, radio and TV transmitters and receivers, medicines, vaccines, pharmaceuticals, and organic and inorganic compounds.
Imports
On the other hand, the country’s non-oil imports fell by $322.7 million to $12.9 billion in the three-month period ended 30 September, compared to $13.2 billion in the corresponding period a year earlier.
Falling imports included cast iron, wheat, wood, as well as spare parts of cars and tractors.
