Egypt’s trade deficit widens by 18.3% in July 2024: CAPMAS

CAIRO – 15 October 2024: The trade balance deficit reached $4.60 billion in July 2024, marking an 18.3 percent increase compared to $3.89 billion in July 2023, according to the latest report from the Central Agency for Public Mobilization and Statistics (CAPMAS).

Egypt’s exports saw a 10.7 percent rise, totaling $3.54 billion in July 2024, up from $3.20 billion in the same month last year.

 This growth was driven by an increase in the export value of key goods such as ready-made garments increased by 37.4 percent, petroleum products by 98.5 percent, various food preparations and pastes by 36.8 percent, and primary plastic materials by 3.2% percent.

However, certain exports experienced a decline. Crude oil exports dropped by 62.6 percent, fertilizers by 61.0 percent, iron bars, rods, angles, and wires by 34.2 percent, and plastic products by 0.1 percent .

Imports also rose significantly, increasing by 14.9 percent to $8.14 billion in July 2024, compared to $7.08 billion in July 2023.

 The rise in imports was led by higher values in petroleum products (+83.6%), natural gas rose by 210.1 percent, raw iron and steel materials by 49.4 percent and pharmaceuticals by 7.9 percent.

Despite the overall rise in imports, some items saw a decline. Wheat imports fell by 5.3 percent, passenger cars by 26.8 percent, corn by 16.7 percent, and soybeans by 12.4 percent.