Trade balance deficit fell in June to $2.32B, CAPMAS

In a recent release, the Central Agency for Public Mobilization and Statistics revealed that Egypt’s trade balance deficit fell by 47.7 percent during June 2023 year-on-year to record $2.32 billion, compared to $4.43 billion in the same month of 2022.

CAPMAS also reported that Egypt’s trade balance deficit fell by 20.8 percent from January-June 2023 to record $17.84 billion, compared to $22.52 billion during the same period in 2022.

Egypt’s June 2023 exports were valued at $2.91 billion compared to June 2022’s $4.02 billion, falling by 27.5 percent, according to the statistics agency.

The decline in Egypt’s export value was driven by the weakening of exports of certain commodities including crude oil by 12.7 percent, ready-made clothes by 20.5 percent, fresh fruits by 32 percent, and fertilizers by 39.5 percent.

CAPMAS explained that June exports saw some exports of commodities increase as well, mainly pasta and various food preparations which jumped by 21 percent in value, bars, sticks, angles and iron wires by 27.6 percent, and potatoes by 11.5 percent.

In terms of imports, the statistics agency revealed that Egyptian imports fell by 38.1 percent in value in June, reaching $5.23 billion compared to $8.45 billion. This was led by a decrease in imports of petroleum products by 37.8 percent, wheat by 9 percent, and raw materials of iron or steel by 42.7 percent.

Egyptian export numbers are on the rise, according to other reports by the statistics agency and the Egyptian Engineering Council.

The country’s electronic trade (e-trade) exports rose from 0.2 percent to 2.9 percent of total exports during the period between 2011 and 2021, making Egypt ranked first among the Arab countries in terms of the proportion of exports in trade electronic goods trade. Egypt’s engineering exports rose by 10 percent during the first 7 months of 2023, reaching $2.492 billion between January and July.