CAIRO – 30 July 2024: In the initial half of 2024, Egypt’s non-oil trade balance decreased by approximately 16 percent, reaching $15.9 billion compared to $18.917 billion in the corresponding period of 2023, as per a disclosed government report by Asharq Bloomberg.
Merchandise exports surged by 9.8 percent to hit $19.641 billion from January to June, while imports dwindled by around 3.3 percent to $35.565 billion.
Egypt's export landscape was led by the building materials sector, which contributed $4.7 billion, representing roughly 24 percent of the nation's total exports.
Following closely was the chemical products and fertilizers sector at 19 percent, achieving $3.8 billion, trailed by the food industries at 15 percent, totaling $3.1 billion.
Crops accounted for 14 percent at $2.7 billion, with the engineering and electronic goods sector securing the fifth position at about 13 percent, equating to $2.6 billion.
The progress in the trade balance deficit was primarily credited to a $1.2 billion decrease in imports during the first half of the ongoing year.
Imports were dominated by engineering and electronic goods with a 30 percent share and a value of $10.8 billion, followed by the building materials sector at around 18 percent, amassing $6.8 billion.
Crops' imports captured 14 percent, valued at $4.9 billion, while chemical products and fertilizers matched this percentage with $5.1 billion. The food industries trailed with 11 percent, totaling $3.9 billion.
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