Egypt's trade deficit records $2.28B in July

CAIRO – 1 October 2020: Egypt’s trade deficit dipped 51.8 percent during July 2020, recording $2.28 billion, compared to $4.73 billion in the same month of 2019, according to the state's statistics agency CAPMAS. 

In its monthly bulletin on foreign trade data, CAPMAS said exports declined 15 percent to reach $2.15 billion in July 2020, compared to $2.53 billion during the same month of 2019. 

The bulletin attributed the decrease of exports to the fall in the exports of various commodities, such as: readymade clothes by 22.6 percent, fertilizers by 4 percent, Petroleum products 60.9 percent, and crude oil by 43.7 percent. 

Meanwhile, exports of some other commodities witnessed a decrease in July such as Carpets and kilims by 7.8 percent, medicines and pharmaceuticals by 4 percent, furniture by 12.4 percent, rods and iron wires by 101.3 percent.

On the other side, the bulletin showed a decline of 39 percent in the imports to hit $4.43 billion in July of the current year, compared to $7.26 billion in July 2019. 

CAPMAS ascribed this decrease to the drop in imports of Medicines and pharmaceuticals 15.3 percent, organic and inorganic chemicals 24.2 percent, petroleum products 71.4 percent, and corn by 10.4 percent.

On the other hand, imports of other commodities showed a rise such as crude oil increased by 104.3 percent, wheat by 2.2 percent, refined oils by 4 percent, iron or steel installations by 63.7 percent.