Egypt’s trade deficit narrowed by 4.63% in August to $4.73 billion, compared with $4.96 billion in the same month last year, according to official data released Sunday.
The improvement was driven by a notable rise in exports, which increased 6.7% year-on-year to $3.96 billion. The uptick was mainly supported by higher shipments of ready-made garments, which jumped 20.6%, and crude oil, which grew 7.6%, the data showed.
Meanwhile, imports recorded only a marginal increase of 0.2%, reaching $8.69 billion in August. The slight uptick was linked to a surge in imports of natural gas (up 88.9%) and passenger cars (up 66.1%).
The data underscores Egypt’s gradual recovery in external trade performance amid ongoing economic reforms and efforts to boost export competitiveness. The government has been working to curb import dependency while promoting key export sectors, including textiles, petrochemicals, and agricultural products.
Economists say that sustaining export growth and managing import levels will be crucial for improving Egypt’s current account balance and easing pressure on foreign currency reserves.
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