CAIRO - 4 April 2024: Egypt’s trade balance deficit witnessed a decline of 37.2 percent during January 2024, to reach $2.08 billion, compared to $3.32 billion in the same month of 2023, according to data released by the Central Agency for Public Mobilization and Statistics (CAPMAS).
The data from CAPMAS revealed that the value of exports experienced a decline of 15.6 percent during January 2024, amounting to $3.46 billion, compared to $4.10 billion in January 2023.
This decrease in exports can be attributed to the reduced export value of certain commodities. Notably, petroleum products witnessed an 8.1 percent decline, fertilizers decreased by 47.7 percent, crude oil dropped by 22.1 percent, and natural and liquefied gas recorded a decline of 87.1 percent.
However, there were some positive developments in the export sector during January 2024. Fresh fruits experienced a growth of 24.9 percent, ready-made clothes increased by 35.7 percent, and plastics saw a rise of 12.8 percent.
In terms of imports, January 2024 witnessed a decrease of 25.3 percent, amounting to $5.54 billion, in comparison to $7.42 billion in the same month of the previous year.
This decline in imports can be attributed to a reduction in the value of specific commodities. Wheat imports dropped by 41.8 percent, plastics decreased by 43.6 percent, medicines and pharmaceutical preparations experienced a decline of 9.9 percent, and corn imports decreased by 15.1 percent.
On the other hand, several commodities experienced an increase in import value during January 2024. Notably, petroleum products saw a growth of 60.8 percent, raw iron or steel increased by 2.7 percent, natural gas rose by 20.9 percent, and passenger cars witnessed a significant surge of 92.9 percent.
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