Economics

Egypt’s trade deficit records $2.84 in January

CAIRO – 2 April 2020: Egypt’s trade deficit declined 30.3 percent during January 2020, recording $2.84 billion, compared to $4.07 billion in the same month of 2019, according to the state's statistics agency CAPMAS.
In its monthly bulletin on foreign trade data, CAPMAS said exports rose 1.4 percent to reach $2.48 billion in January 2020, compared to $2.45 billion during the same month of 2019.
The bulletin attributed the increase of exports to the hike in the exports of crude oil by 102.6 percent, fertilizers by 7.3 percent, various pastries and food preparations by 18.1 percent, and carpets and rugs by 22.2 percent.
Meanwhile, exports of some other commodities witnessed a decrease in January such as ready-made clothes, which dipped by 6.9 percent, petroleum products by 9.2 percent, plastics in their primary forms by 28.1 percent, and fresh fruits by 31 percent.
On the other side, the bulletin showed a decline of 18.4 percent in the imports to hit $5.32 billion in January of the current year, compared to $6.52 billion in January 2019.
CAPMAS ascribed this decrease to the drop in imports of petroleum products by 34.1 percent, raw materials of iron or steel by 28.9 percent, plastics in their primary forms by 19.2 percent, and corn by 9.7 percent.
On the other hand, imports of other commodities showed a rise such as cars by 6.9 percent, wheat by 15 percent, and engines, generators and electric Motors by 55.1 percent.



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