Egypt’s exports hit $4.1B in July

CAIRO – 15 October 2018: Egypt’s trade deficit increased 8.4 percent during July 2018, recording $4.10 billion, compared to $3.79 billion in the same month of 2017, according to the state statistics agency CAPMAS.

In June, Egypt marked a trade deficit of $3.62 billion, compared to $2.51 billion in the same month of 2017, with an increase of 44 percent.

In its monthly bulletin on foreign trade data, CAPMAS said that exports increased 8.9 percent to reach $2.23 billion during the month of 2018, compared to $2.05 billion during the month of 2017.

The bulletin attributed the increase of exports to the jump in the exports of some goods, such crude oil, increasing by 15.9 percent, ready-made clothes (12 percent), plastics in primary forms (46.8 percent), and petroleum products (58.6 percent).

Meanwhile, exports of some other commodities saw a decline in July such as fertilizers which decreased by 34.9 percent, Miscellaneous Edible Preparations (0.9 percent), fresh fruits (54 percent), and dairy products (19 percent).

As per imports, the bulletin showed an increase of 8.6 percent to hit $6.33 billion in July of the current year, compared to $5.84 billion in July 2017.

CAPMAS ascribed this hike to the increase of imports of primary forms of iron or steel by 52.2 percent, petroleum products by 7.5 percent, and motor vehicles by 71.8 percent.

On the other hand, imports of other commodities showed a decline; such as plastics in primary forms by 1.3 percent, medicaments and pharmaceutical goods by 15.8 percent, chemicals, organic and non-organic by 5.6 percent, and corn by 16.9 percent.

Egypt has been witnessing a drop in imports after it floated its currency in late 2016, making Egyptian goods in foreign markets attractively cheaper while doubling the cost of importing.

The Central Bank of Egypt (CBE) stated previously that Egypt’s exports marked an increase of $1.2 billion during the third quarter of 2017/2018, hitting %6.75 billion, compared to $5.55 billion by the same quarter of 2016/2017.