Egypt’s crude oil exports grow 53.7% in May

CAIRO – 9 August 2017: Egypt’s exports of crude oil hiked 53.7 percent to $238.4 million in May 2017 compared to $155.1 million in the same month of the previous year, according to CAPMAS, the state’s official statistics authority.

May’s foreign trade bulletin revealed that exports of ready-made garments increased by 20.4 percent to $118 million in May 2017 from $98 million in May 2016.

Fertilizer exports also surged by 82.6 percent, reaching $74.8 million in the said period, up from $41 million in the corresponding period of the previous year.

Plastics in primary forms rose 25.7 percent to register $53.1 million in May 2017, compared to $36.9 million in May 2016.

Egypt’s trade balance deficit declined 43.8 percent to $2.32 billion in May 2017, down from $4.14 billion in the same month of the previous year.

The value of exports rose 8.8 percent year-on-year to $2.28 billion, compared to $2.09 billion in the same period last year.

The Central Agency for Public Mobilization and Statistics (CAPMAS) reasoned that there was a higher value of increase on some commodities, including crude oil by 53.7 percent, ready-made garments by 20.4 percent and fertilizers by 82.6 percent.