Exports- Creative Commons cia Pixabay
CAIRO – 13 November 2022: Egypt’s trade deficit rose 0.6 percent during August 2022, recording $4.18 billion, compared to $4.15 billion in the same month of 2021, according to the state's statistics agency (CAPMAS).
In its monthly bulletin on foreign trade data, the CAPMAS elaborated that exports decreased 7.6 percent, recording $3.33 billion in August 2022, compared to $3.61 billion during the same month of 2021.
The bulletin attributed the decrease of exports to the decline in the exports of various commodities, such as: petroleum products by 19.8 percent, crude oil by 49 percent, plastics in their primary forms by 3.6 percent, and pasta and food preparations by 17 percent.
Meanwhile, exports of some other commodities witnessed a decrease in August such as: natural liquified gas by 179.1 percent, fertilizers by 25.4 percent,ready-made clothes by 12.1 percent, and fresh fruits by 72.8 percent.
Moreover, the bulletin showed a decrease of 3.2 percent in imports to hit $7.51 billion in August of 2022, compared to $7.76 billion in the same month of 2021.
It attributed the decline in imports' value due to the decrease in the value of imports of some commodities, such as: medicines and pharmaceutical preparations by 21.8 percent, raw materials of iron or steel by 4.7 percent, corn by 16 percent, and soybeans by 7.5 percent.
The value of imports of some commodities increased during August 2022 compared to the same month of the previous year, such as: crude oil by 91.8 percent, petroleum products by 35.2 percent, wheat by 79 percent, and plastics in their primary forms by 7.2 percent.