Egypt’s trade balance deficit expands by 21.3% in August 2024: CAPMAS

CAIRO – 13 November 2024: Egypt’s trade balance deficit surged to $4.88 billion in August 2024, reflecting a 21.3 percent increase from $4.03 billion in August 2023, as reported by the Central Agency for Public Mobilization (CAPMAS).

A key contributor to this trend was a 7.2 percent drop in export values, which totaled $3.45 billion, down from $3.72 billion in the same period last year.

This decrease is linked to significant declines in exports of specific goods: crude oil fell by 52.7 percent, primary plastic forms by 0.1 percent, various food pastes and preparations by 10.4 percent, and fresh fruits by 0.4 percent .

Conversely, exports in some sectors rose, including petroleum products, which surged by 143.4 percent, ready-made garments by 6.4 percent, iron bars, rods, and wires by 13.2 percent, and dry legumes by 47.7 percent.

Imports also saw a 7.6 percent rise, reaching $8.34 billion in August 2024, compared to $7.75 billion in August 2023.

This increase was driven by higher imports of goods like petroleum products, which jumped by 81.2 percent, natural gas by 234.7 percent, wheat by 26.5 percent, and raw iron or steel materials by 25.8 percent.

Meanwhile, imports of certain items declined, including corn (down 17.8 percent), passenger cars (down 28.3 percent), refined oils (down 18.0 percent), and wood products (down 10.1 percent).