Egypt's trade balance deficit drops 16.6% in October 2023: CAPMAS

CAIRO – 4 January 2024: Egypt’s trade balance deficit decreased by 16.6 percent to record $3.15 billion in October 2023, compared to $3.78 billion in October 2022, according to a report released by the Central Agency for Public Mobilization and Statistics (CAPMAS).

CAPMAS further indicated that Egypt's exports declined by 19.2 percent in October 2023, amounting to $3.23 billion, down from $4 billion in October 2022.

This decline in exports was primarily driven by decreases in the value of several commodities. Specifically, petroleum products experienced a drop of 43.6 percent, primary forms of plastics decreased by 21.4 percent, fresh fruits experienced a minor decline of 0.1 percent, and natural gas and liquefied products plummeted by 95.8 percent.

However, there were positive developments in October 2023 compared to the same month in 2022. The value of exports for certain commodities increased. The main contributors to this growth were crude petroleum, accounting for 61.7 percent of the increase, and ready-made clothing, which saw a growth of 14.2 percent.

On the other hand, the value of imports witnessed a decline, totaling $6.38 billion in October 2023, representing an 18.0 percent decrease compared to $7.78 billion in October 2022.

This decrease in imports was primarily driven by declines in the value of specific imported goods, including petroleum products down by 13.8 percent, pharmaceuticals by down 15.2 percent, and primary forms of plastics by down 26.7 percent.

Despite the overall decline in imports, certain goods experienced growth in their import value. Notably, raw materials of iron or steel increased by 46.3 percent, and passenger cars surged by 139.6 percent.