Egypt's Trade Deficit Drops 16% to $3.66 Billion

The Egyptian Central Agency for Public Mobilization and Statistics (CAPMAS) said on Wednesday, January 8, 2025, that the value of Egypt's trade deficit recorded $3.66 billion in October 2024, compared to $4.36 billion, year-on-year, a decrease of 16%.

The bulletin of Egypt's foreign trade data issued by the agency revealed an increase in the value of exports by 21.3%, reaching $4.07 billion last October, compared to $3.35 billion, year-on-year, as a result of the increase in the value of exports of some goods, most notably petroleum products by 121.5%, crude oil by 31.7%, ready-made clothes by 15.6%, and various pasta and food preparations by 24%.

While the value of exports of some commodities decreased during October 2024, year-on-year, the most important of which are fertilizers by 14.2%, medicines and pharmaceutical preparations by 36.6%, flat rolled products of iron or steel by 56%, and tiles, sanitary ware and ceramics by 1%.

The value of imports increased by 0.2%, recording $7.73 billion in October 2024, compared to $7.71 billion in the month of the previous year, due to the increase in the value of imports of some commodities, the most important of which are petroleum products by 1.6%, natural gas by 382.7%, plastics in their primary forms by 12.5%, and organic and inorganic chemicals by 21.4%.

While the value of imports of some goods decreased during October 2024 compared to their counterparts in the same month of the previous year, the most important of which are: (raw materials of iron or steel by 8.8%, medicines and pharmaceutical preparations by 5.2%, copper and its products by 0.5%, soybeans by 3.6%.