Cairo – Mubasher: Egypt’s balance of trade deficit shrank by 28.8% year-on-year (YoY) to $2.9 billion in October from $4.1 billion in the same month a year earlier, data released by the Central Agency for Public Mobilization and Statistics (CAPMAS) showed on Monday.
Exports
The most populous Arab nation’s exports declined by 13.1% to $2.2 billion in October from $2.5 billion in the corresponding month in 2019.
The decline in exports was ascribed to a decrease in the value of exports of ready-made garments by 6.6%, petroleum products by 27.3%, crude petroleum by 34.3%, and fertilisers by 16.4%.
On the other hand, exports of pastries and food preparations rose by 2.1%, carpets and rugs by 3.5%, and furniture by 33.5%.
Imports
The North African nation’s imports also fell by 22.8% to $5.1 billion in the 10th month of 2020, compared to $6.6 billion in the same month a year earlier.
Imports of petroleum products retreated by 32.8%, crude petroleum by 20.7%, medicines and pharmaceuticals by 0.3%, and raw materials of iron and steel by 32.0%.
Meanwhile, imports of wheat increased by 27.1%, passenger cars by 6.2%, and copper and its products by 22.6%.
