Egypt Trade Deficit Grows By 21.3% in August to $4.88 BlnSource: www.export-egypt.com 11/14/2024, Location: Africa |
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Egypt's trade deficit rose for the second consecutive month to $4.88 billion in August, compared to $4.03 billion in August 2023, marking a 21.3 percent increase, according to data published by the Central Agency for Public Mobilization and Statistics (CAPMAS).
The value of exports fell by 7.2 percent to $3.45 billion in August, down from $3.72 billion in August 2023. CAPMAS attributed this decline to a reduction in the purchases of certain goods. Crude oil exports dropped by 52.7 percent, plastics by 0.1 percent, miscellaneous food preparations and pastes by 10.4 percent, and fresh fruits by 0.4 percent. However, some export categories saw increases: petroleum products rose by 143.4 percent, ready-made garments by 6.4 percent, dry legumes by 47.7 percent, and bars, rods, angles, and iron wires by 13.2 percent. Meanwhile, imports grew by 7.6 percent reaching $8.34 billion, compared to $7.75 billion in August 2023. CAPMAS attributed this rise to higher imports of several goods, including petroleum products by 81.2 percent, natural gas by 234.7 percent, wheat by 26.5 percent, and raw materials like iron and steel by 25.8 percent. Nevertheless, imports of other goods decreased, including corn by 17.8 percent, cars by 28.3 percent, refined oils by 18 percent, and wood by 10.1 percent. In July, Egypt's trade deficit also widened to $4.60 billion, up from $3.89 billion in July 2023, reflecting an 18.3 percent increase. Similarly, the country's current account deficit expanded during the first nine months of FY2023/2024 to $17.1 billion, up from $5.3 billion in the same period of FY2022/2023, according to the Central Bank of Egypt (CBE). |
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