Egypt's trade deficit decreases 47% during January

CAIRO - 6 April 2023: Egypt's trade balance deficit decreased 47 percent during January on an annual basis, to record $2.48 billion, compared to $4.68 billion during the same month of the previous year, according to the state's statistics agency (CAPMAS).

 

The decline in the trade balance deficit during January 2023 is due to a decrease in the value of imports by 28.2 percent, reaching $6.33 billion, compared to $8.83 billion for the same month of the previous year, according to the CAPMAS monthly bulletin on foreign trade data.

 

The value of imports of some commodities decreased, the most important of which are: raw materials of iron or steel by 56.3 percent, organic and inorganic chemicals by 20.1 percent, and crude oil by 15.0 percent.

 

On the other hand, the value of imports of some commodities increased during the month of January 2023 compared to the same month of the previous year, the most important of which are: petroleum products by 13.3 percent, wheat by 10.4 percent, natural gas by 101.6 percent, and pipes, pipes and fittings of iron or steel by 9.2 percent.

 

Moreover, exports decreased by 7.1 percent, reaching $3.85 billion in January 2023, compared to $4.15 billion in the same month of the previous year.

 

The CAPMAS attributed the decline of the exports to the decrease in the value of exports of some commodities: petroleum products by 11.9 percent, ready-made clothes by 5.1 percent, crude oil by 43.7 percent, and credit in its primary forms by 32.4 percent, according to the statement.

 

However, the exports of some commodities increased during January 2023 compared to the same month of the previous year, the most important of which are: liquefied natural gas by 4.8 percent, fresh fruits by 9.6 percent, fertilizers by 23.0 percent, and various pasta and food preparations by 39.9 percent.