Trade balance drops 44% YoY to $2.3B in May: CAPMAS

CAIRO – 31 July 2017: Egypt trade balance deficit declined 43.8 percent to $2.32 billion in May 2017, down from $4.14 billion in the same month of the previous year, state official statistics (CAPMAS) revealed Monday.

The value of exports rose 8.8 percent year-on-year to $2.28 billion compared to $2.09 billion in the year-ago period.

The statistics authority reasoned that there was a higher value of increase on some commodities, including crude oil by 53.7 percent, ready-made garments by 20.4 percent and fertilizers by 82.6 percent.

On the other hand, exports of some commodities fell in May 2017 versus year-on-year, such as the exports of fresh orange by 4.9 percent, miscellaneous edible preparations by 10.7 percent, fresh fruits by 53.3 percent and furniture by 7.3 percent.

Imports’ value leveled down 26 percent to $4.60 billion compared to $6.23 billion in May 2016, due to the lower value of some commodities, including petroleum products by 12.1 percent, primary forms of iron or steel by 39.8 percent, plastics in primary forms by 25.7 percent, medicaments and pharmaceutical goods by 15.2 percent.

On the contrary, imports of some commodities grew in May 2017 in comparison with its similarity for the same month of the previous year, such as wheat by 19 percent, tubing with iron and steel fittings by 51.2 percent and soya beans by 40.9 percent, the report said.