Egypt’s trade balance deficit decreased by 23.2 percent year-over-year to $2.37 billion in March 2024, down from $3.09 billion in the same month the previous year.
According to the Egyptian Central Agency for Public Mobilization and Statistics (CAPMAS), the value of exports fell 10.9 percent year-over-year to $3.57 billion in March 2024. This was driven by a 57.4 percent decline in exports of fertilizers and a 49.9 percent drop in crude petroleum exports.
Read more: Egypt’s trade balance deficit fell to $2.93 billion
However, the value of exports increased for some goods in March 2024 compared to the same month the prior year. Petroleum products rose by 130.3 percent, fresh fruits by 7.2 percent, ready-to-wear by 14.2 percent, and various pastries and food preparations by 26.8 percent.
Imports decreased by 16.2 percent year-over-year to $5.94 billion in March 2024, down from $7.09 billion in the same month of the previous year. This was primarily due to declines in imports of medicines and pharmaceuticals (-25.6 percent), organic and inorganic chemicals (-31.8 percent), and plastics in their initial forms (-31 percent).
Conversely, imports of certain goods increased in March 2024 compared to the same period in the prior year, including petroleum products (+44.5 percent), iron or solid raw materials (+17.7 percent), wheat (+15.8 percent), and natural gas (+12.4 percent).
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