CAIRO – 4 August 2024: In May, Egypt’s trade deficit witnessed a 10.3 percent decrease, reaching $3.5 billion compared to $3.9 billion during the same period in 2023, as per a report issued by the Central Agency for Public Mobilization and Statistics (CAPMAS).
During this period, exports experienced a modest 0.4 percent rise, climbing to $3.81 billion from $3.79 billion the previous year.
This growth in exports can be attributed to increased shipments of various products, such as fresh fruits up by 17.4 percent, ready-made clothing increased by 5.5 percent, and pastries and food preparations surging by 32.2 percent.
Conversely, there were drops in exports of crude oil down by 4.3 percent, petroleum products decreased by 17.4 percent, and fertilizers dropped by 5.2 percent.
On the other hand, imports in May decreased by 5.1 percent to $7.3 billion, a decline from $7.7 billion in the corresponding month of the previous year.
This decline was chiefly driven by reduced acquisitions of specific goods, with imports of iron or steel raw materials decreasing by 0.3 percent, medicines and pharmaceutical preparations by 24.7 percent, and organic and inorganic chemicals by 23.3 percent.
Despite these reductions, imports of petroleum products surged by 86.1 percent, wheat by 153.6 percent, natural gas by 39.2 percent, and passenger cars by 15.2 percent.
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