Cairo – October 1, 2024: Egypt’s trade deficit grew to $39.6 billion in FY2023/2024, up from $31.2 billion the previous year, primarily pushed by a steep drop in oil exports, which fell by $8.1 billion to just $5.7 billion, heavily impacted by declining natural gas prices and reduced export volumes.
According to the Central Bank of Egypt’s (CBE) latest release on the country’s Balance of Payments (BoP), Egypt recorded a $9.7 billion surplus in fiscal year 2023/2024, while the current account deficit expanded, registering at $20.8 billion.
The oil trade balance turned from a surplus of $410 million to a deficit of $7.6 billion.
Oil imports remained stable at $13.4 billion, as increases in oil products and natural gas imports offset the decrease in crude oil imports, the CBE explained.
The non-oil trade deficit also expanded, increasing by $354.8 million to register at $31.9 billion.
This was driven by a rise in non-oil merchandise imports, which climbed to $58.8 billion, primarily due to higher imports of passenger vehicles, wheat, and cast iron.
Non-oil merchandise exports saw a modest increase to $26.8 billion, supported by stronger exports of textiles and electrical appliances.
Suez Canal transit receipts saw a decline of 24.3 percent, amounting to $6.6 billion, exacerbated by reduced shipping traffic through the canal.
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