August figures show trade deficit down by 22.3 percent to record $3.8B, CAPMAS

Cairo – October 31, 2023: According to a new report by the Central Agency for Public Mobilization and Statistics (CAPMAS), Egypt’s trade deficit shrank by 22.3 percent in August 2023 to record $3.88 billion, compared to $4.99 billion during the same month in 2022.

Exports from Egypt declined by 1.9 percent to reach $3.36 billion during August 2023, compared to $3.43 billion reported in August of last year.

The statistics agency explained that this was due to a decrease in the export value of certain commodities, primarily petroleum products by 61.5 percent, fertilizers by 44.2 percent, plastics in their primary forms by 7.3 percent, and carpets and kilims by 4.8 percent.

Imports fell by 14 percent, reaching $7.24 billion at the end of August, compared to $8.42 billion recorded at August 2022.

CAPMAS attributed the drop to the decrease in the value of certain imported commodities, mainly the imports of petroleum products by 0.7 percent, crude oil by 42.6 percent, wheat by 29.8 percent, and plastics in their primary forms by 44.8 percent.

The agency also explained that certain imported commodities also increased in value in August, pointing out iron or steel raw materials which jumped by 15.9 percent, medicines and pharmaceutical preparations by 5.4 percent, passenger cars by 124.4 percent, and copper and its products by 53.7 percent.