Egypt’s trade deficit hits $4.56B in October

CAIRO – 9 January 2019: Egypt’s trade deficit rose 30.2 percent during October 2018, recording $4.56 billion, compared to $3.5 billion in the same month of 2017, according to the state statistics agency CAPMAS.

In September, Egypt marked a trade deficit of $3 billion, compared to $3.35 billion in the same month of 2017, with an increase of 8 percent.

Egypt's trade deficit drops to $3B in September

CAIRO - 18 December 2018: Egypt's trade deficit declined 10.1 percent during September 2018, recording $3 billion, compared to $3.35 billion in the same month of 2017, according to the state statistics agency CAPMAS. In August, Egypt marked a trade deficit of $3.95 billion, compared to $3.66 billion in the same month of 2017, with an increase of 8 percent.

In its monthly bulletin on foreign trade data, CAPMAS said that exports hiked 6.8 percent to reach $2.42 billion during the month of 2018, compared to $2.27 billion during the month of 2017.

The bulletin attributed the increase of exports to the rise in the exports of crude oil by 5.8 percent, fertilizers by 4.5 percent, and primary forms of Plastics by 21.4 percent.

Meanwhile, exports of some other commodities saw a decrease in October such as ready-made clothes which decreased by 1.4 percent, fresh fruits by 23.1 percent, furniture by 0.5 percent, and soap and detergents by 23.8 percent.

As per imports, the bulletin showed an increase of 21 percent to hit $6.98 billion in October of the current year, compared to $5.77 billion in October 2017.

CAPMAS ascribed this hike to the increase in imports of raw materials of iron and steel products by 1.7 percent, Cars by 104.4 percent, and wheat by 16.1 percent.

On the other hand, imports of other commodities showed a decline such as corn by 3.4 percent, meat by 20.5 percent, petroleum products by 70.4 percent, and pumps and fans 35.7 percent.

Egypt has been witnessing a drop in imports after it floated its currency in late 2016, making Egyptian goods in foreign markets attractively cheaper while doubling the cost of importing.

The Central Bank of Egypt (CBE) stated previously that Egypt’s exports marked an increase of $1.2 billion during the third quarter of 2017/2018, hitting $6.75 billion, compared to $5.55 billion in the same quarter of 2016/2017.