Cairo – Mubasher: Egypt’s balance of trade deficit contracted by 51.8% year-on-year (YoY) to $2.28 billion in July from $4.73 billion, according to data released by the Central Agency for Public Mobilization and Statistics (CAPMAS) on Thursday.
Exports
The most populous Arab nation’s exports declined to $2.15 billion in July from $2.53 billion in the same month a year earlier.
The decrease in exports was ascribed to lower exports of ready-made garments by 22.6%, fertilisers by 4.0%, petroleum products by 60.9%, and crude petroleum by 43.7%.
On the other hand, exports of carpets and rags increased by 7.8%, medicines and pharmaceutical products by 4.0%, furniture by 12.4%, and iron rods and wires by 101.3%.
Imports
The country’s imports also fell by 39.0% YoY to $4.43 billion in July from $7.26 billion as imports of medicines and pharmaceutical products and organic and inorganic chemical products decreased by 15.3% and 24.2%, respectively, while crude petroleum imports dropped by 71.4%.
Meanwhile, imports of crude petroleum grew by 104.3%, refined oils by 4.0%, and doors and structures of iron or steel by 63.7%.
