Cairo – Mubasher: Egypt’s balance of trade deficit shrank by 32.4% year-on-year (YoY) to $2.7 billion in September, compared to $4 billion, data released by the Central Agency for Public Mobilization and Statistics (CAPMAS) showed on Sunday.
Exports
The most populous Arab nation’s exports dropped by 2.8% to $2.3 billion in September, compared to $2.4 billion in the same month a year earlier.
The decline in exports was attributed to lower exports of ready-made garments by 5.1%, petroleum products by 36.5%, crude petroleum by 38.4%, and fertilisers by 33.4%.
On the other hand, exports of plastics increased by 15.2%, pastries and food preparations by 17.8%, carpets and rugs by 23.6%, and medicines and pharmaceuticals by 4.9%.
Imports
Meanwhile, the North African nation’s imports plummeted by 21.3% to $5 billion in September from $6.4 billion in the corresponding month in 2019.
Imports of wheat went down by 16.3%, while crude petroleum, petroleum products, and iron and steel fell by 0.3%, 51.2%, and 39.6%, respectively.
On the contrary, imports of passenger cars rose by 19.9%, telephones by 5.4%, soybeans by 1.9%, and information processing devices by 166.1%.
