According to the Central Agency for Public Mobilization and Statistics (CAPMAS), Egypt’s trade deficit shrank by 18.9 percent during the month of July, recording $ 4.21 billion, compared with $ 5.18 billion in the same month a year earlier.
CAPMAS data revealed that the value of exports dropped by 5.7 percent to reach $ 2.22 billion in July compared to $ 2.35 billion in the same month a year earlier. This came as a result of the decline in the value of exports of some commodities, such as crude oil by 9.3 percent, petroleum products by 32.6 percent, Fertilizers by 15.5 percent and furniture by 22.6 percent.
However, the value of exports of other commodities rose in the same month compared to the previous year such as ready-made garments by 9.7 percent, plastics by 21.4 percent, miscellaneous food items by 8.1 percent, and fresh fruits by 31.5 percent.
In the same period, the value of imports decreased by 14.8 percent to reach $6.42 billion in July compared to $7.53 billion in the same month last year due to the decrease in the value of imports of some commodities such as petroleum products by 24.6 percent, raw materials of iron or steel by 37.2 percent, plastics by 6.2 percent, personal transportation vehicles by 10 percent.
while, the value of imports of some commodities increased in July the most important of which are meat by 153.5 percent, corn by 10.8 percent, soybeans by 19.9 percent, and personal phones by 23.6 percent.
It is noteworthy that the decline in Egypt’s imports of petroleum products follows the increase in natural gas production, particularly from the Mediterranean Zohr field, as well as discoveries in northern Alexandria and the Nile Delta.