Egypt’s trade deficit marks $3.6B in June

CAIRO – 16 August 2018: Egypt’s trade deficit increased 44 percent during June 2018, recording $3.62 billion, compared to $2.51 billion in the same month of 2017, according to the state statistics agency CAPMAS.

In May, Egypt marked a trade deficit of $3.84 billion, compared to $3.42 billion in the same month of 2017, with an increase of 12.6 percent.

In its monthly bulletin on foreign trade data, CAPMAS said that exports increased 7.8 percent to reach $2.10 billion during the month of 2018, compared to $1.95 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 33.8 percent, plastics in primary forms (45.4 percent), miscellaneous edible preparations (15.7 percent), soap and washing prep (120.2 percent).

Meanwhile, exports of some other commodities saw a decline in June such as ready-made clothes which decreased by 17.5 percent, fresh fruits (33.2 percent), fertilizers (27.8 percent), and furniture (13.7 percent).

CAPMAS said earlier that Egypt’s exports in the first two months of 2018 recorded $4.5 billion, compared to $4 billion in the same period of 2017.

Meanwhile, Egypt’s non petroleum exports jumped 200 percent in the first two months of 2018, reaching $64 million, compared to $21 million in the same period of 2017.

As per imports, the bulletin showed an increase of 28.2 percent to hit $5.72 billion in June of the current year, compared to $4.46 billion in June 2017.

CAPMAS ascribed this hike to the increase of imports of raw materials of iron or steel by 106.1 percent, crude oil by 84.4 percent, plastics in primary forms by 61.3 percent, and motor vehicles by 78.2 percent.

On the other hand, imports of other commodities showed a decline; such as petroleum products by 15.6 percent, wheat by 15.1 percent, filament yarns, synth or artificial by 15.6 percent, and pumps and fan by 16.5 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