Trade Egypt deficit shrinks as mixed trends emerge in exports, imports
(MENAFN) In May 2024, Egypt's trade deficit showed a notable reduction of 10.3 percent compared to the same month last year. According to the Central Agency for Public Mobilization and Statistics, the deficit for May amounted to USD3.57 billion, down from USD3.98 billion in May 2023. This decrease in the trade deficit was supported by a slight increase in export values, which rose by 0.4 percent to USD3.81 billion, up from USD3.79 billion the previous year. Key exports that contributed to this increase included fresh fruits, which saw a 17.4 percent rise, ready-made clothes up by 5.5 percent, pasta and food preparations climbing by 32.2 percent, and carpets and kilims growing by 1.3 percent.
Conversely, there were declines in the value of exports for several commodities. Notably, crude oil exports fell by 4.3 percent, petroleum products by 17.4 percent, fertilizers by 5.2 percent, and plastics in primary forms by 10.5 percent. On the import side, Egypt experienced a decrease of 5.1 percent in the value of imports, totaling USD7.38 billion compared to USD7.77 billion in May 2023. This reduction was driven by lower imports of key goods such as raw materials of iron or steel, which dropped by 0.3 percent, plastics in primary forms down by 2.9 percent, medicines and pharmaceutical preparations reduced by 24.7 percent, and organic and inorganic chemicals falling by 23.3 percent.
Despite the overall decrease in imports, there were significant increases in the value of imports for certain goods. Petroleum products surged by 86.1 percent, wheat imports jumped by 153.6 percent, natural gas by 39.2 percent, and passenger cars by 15.2 percent. This mixed trend in both exports and imports reflects a complex shift in Egypt's foreign trade dynamics.
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