Egypt's trade deficit records $1.95 in February

CAIRO - 6 May 2020: Egypt’s trade deficit dipped 51.4 percent during February 2020, recording $1.95 billion, compared to $4.01 billion in the same month of 2019, according to the state's statistics agency CAPMAS.

In its monthly bulletin on foreign trade data, CAPMAS said exports rose 3.3 percent to reach $2.69 billion in February 2020, compared to $2.61 billion during the same month of 2019.

The bulletin attributed the increase of exports to the hike in the exports of various pastries and food preparations at 11.4 percent, fresh fruits by 65.3 percent, pharmaceutical and pharmaceutical preparations 32.4 percent, frozen or chilled vegetables at 25.6 percent.

Meanwhile, exports of some other commodities witnessed a decrease in February such as petroleum products increased by 23 percent, ready-made clothes by 6.6 percent, fertilizers by 20 percent, crude oil by 55.1 percent.

On the other side, the bulletin showed a decline of 29.9 percent in the imports to hit $4.64 billion in February of the current year, compared to $6.62 billion in February 2019.

CAPMAS ascribed this decrease to the drop in imports of raw materials of iron or steel at 28.6 percent, wheat at 25.2 percent, petroleum products at 68.1 percent, plastics in primary forms at 36.2 percent.

On the other hand, imports of other commodities showed a rise such as crude oil increased by 135.2 percent, passenger cars by 23.3 percent, corn by 10.5 percent, refined oils by 38.6 percent.