Cairo – July 16, 2024: In its monthly bulletin released Tuesday, the Central Agency for Public Mobilization and Statistics (CAPMAS) revealed that Egypt’s trade deficit narrowed in April 2024, decreasing by 2.5 percent to hit $2.68 billion compared to $2.75 billion during April 2023.
The decline was attributed to a slight increase in Egyptian exports which was up by 0.8 percent to reach $3.29 billion compared to $3.26 billion recorded in April 2023.
Export value was up due to an increase in certain commodities, primarily petroleum products by 16.3 percent, ready-made clothing by 31.4 percent, pasta and food preparations by 45 percent, and medicines and pharmaceutical preparations by 64 percent.
Exports that fell in value were fresh fruits which dropped by 6 percent, fertilizers by 35.6 percent, plastics in their primary forms by 4 percent, and crude petroleum by 67.6 percent.
Egypt’s import value dropped by 0.7 percent to reach $5.97 billion, compared to $6.01 billion for the same month of the previous year.
The value of certain imported commodities fell in April, including plastics in their primary forms by 11.4 percent, organic and inorganic chemicals by 17.4 percent, medicines and pharmaceutical preparations by 9.4 percent, and corn by 33.1 percent.
Imported petroleum products increased by 32.5 percent in value, wheat by 45.2 percent, raw materials of iron or steel by 28.6 percent, and natural gas by 30.7 percent.
The value of Egypt's non-oil trade balance deficit declined by 22.9 percent during the first quarter (Q1) of 2024 to record about $6.4 billion, compared to $8.3 billion in the same period in 2023, according to a recent report issued by the Information and Decision Support Center (IDSC).
The value of non-oil exports amounted to about $9.7 billion during Q1 of 2024, compared to about $8.8 billion during the same quarter of last year, with an increase rate of about 10.2 percent.
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