Egypt's trade deficit increases by 4.3% in May amidst export challenges

CAIRO - 8 August 2023: Egypt’s trade deficit increased by 4.3 percent during May, reaching $3.74 billion, compared to $3.57 billion during May 2022, according to the Central Agency for Public Mobilization and Statistics (CAPMAS).

 

The CAPMAS noted that exports decreased by 20.9 percent during May, recording $3.38 billion, compared to $4.28 billion for the same month in 2022.

 

This is attributed to the decrease in the value of exports of certain goods, most notably natural gas and liquefied gas by 69.7 percent, crude oil by 54.5 percent, petroleum products by 41.7 percent, and fertilizers by 72.4 percent.

 

On the other hand, the value of exports of some goods increased during May compared to the same month of the previous year, notably fresh fruits by 59.1 percent, ready-made garments by 6.2 percent, various pasta and food preparations by 70.8 percent, and iron bars, rods, angles, and wires by 56.1 percent.

 

Meanwhile, the value of imports decreased by 9.4 percent, reaching $7.12 billion during the past May, compared to $7.85 billion for the same month of the previous year.

 

This is due to the decrease in the value of imports of some goods, most notably petroleum products by 19.8 percent, primary iron or steel materials by 29.2 percent, organic and inorganic chemicals by 24.3 percent, and primary forms of polymers by 24.8 percent.

 

However, the value of imports of some goods increased, including pharmaceuticals and pharmaceutical preparations by 14.2 percent, corn by 46.4 percent, wheat by 92.5 percent, and natural gas by 21.3 percent.