Egypt's trade deficit records $2.97 in November

CAIRO - 17 November 2019: Egypt’s trade deficit declined 25.3 percent during November 2019, recording $2.97 billion, compared to $3.97 billion in the same month of 2018, according to the state's statistics agency CAPMAS.

In its monthly bulletin on foreign trade data, CAPMAS said exports dropped 0.8 percent to reach $2.37 billion in November 2019, compared to $2.39 billion during the same month of 2018.

The bulletin attributed the decrease of exports to the decline in the exports of crude oil by 28.9 percent, ready-made clothes by 3.8 percent, fertilizers by 32.8 percent, and carpets and rugs by 10.4 percent.

Meanwhile, exports of some other commodities witnessed a hike in November such as petroleum products, which increased by 74.8 percent, various pastries and food preparations by 20.3 percent, fresh fruits by 19.5 percent, and medicines and pharmaceutical preparations by 41.7 percent.

On the other side, the bulletin showed a decline of 16.1 percent in the imports to hit $5.34 billion in November of the current year, compared to $6.36 billion in November 2018.

CAPMAS ascribed this decrease to the drop in imports of petroleum products by 20.8 percent, raw materials of iron or steel by 45.2 percent, cars by 27.9 percent, medicines and pharmaceutical preparations by 12.7 percent.

On the other hand, imports of other commodities showed a rise such as crude oil by 56.1 percent, wheat by 5 percent, soybeans 148 percent, and corn 43.8 percent.