Egypt's Trade Deficit Decreases by 10.3% in May

Egypt's trade deficit decreased by 10.3% in May compared to the same month last year, according to the Central Agency for Public Mobilization and Statistics (CAPMAS).

CAPMAS reported that the trade deficit in May 2024 amounted to $3.57 billion, down from $3.98 billion in May of the previous year.

In its monthly foreign trade bulletin for May 2024, CAPMAS noted a 0.4% increase in exports, reaching $3.81 billion compared to $3.79 billion in the same month last year. This rise is attributed to higher export values of certain goods, including fresh fruits (up by 17.4%), ready-made garments (up by 5.5%), pasta and food preparations (up by 32.2%), and carpets and kilims (up by 1.3%).

However, the value of some exports decreased in May 2024 compared to the same month last year. Crude oil exports dropped by 4.3%, petroleum products by 17.4%, fertilizers by 5.2%, and plastics in primary forms by 10.5%.

CAPMAS also reported a 5.1% decline in imports, which amounted to $7.38 billion in May 2024 compared to $7.77 billion in the same month last year. The decrease is due to lower import values of certain goods, including raw materials of iron or steel (down by 0.3%), plastics in primary forms (down by 2.9%), pharmaceutical products (down by 24.7%), and organic and inorganic chemicals (down by 23.3%).

On the other hand, the value of some imports increased in May 2024 compared to the same month last year. Petroleum products rose by 86.1%, wheat by 153.6%, natural gas by 39.2%, and passenger cars by 15.2%.