Egypt is growing exports

The Central Agency for Public Mobilisation and Statistics (CAPMAS) said on Sunday that Egypt’s trade balance deficit had decreased by 25.2 per cent to $2.69 billion during March this year, compared to $3.59 billion for the same month in 2020.

The agency indicated that this was mainly driven by the increased volume of exports, which rose by 43.5 per cent to reach $3.41 billion during March 2021, compared to $2.38 billion in March 2020, due to increases in the value of exports of commodities such as medicine and pharmaceutical products, which went up by 54.2 per cent, garments, up by 49.3 per cent, and food products, up by 18.4 per cent.

CAPMAS also reported a slight increase in the value of imports by 2.2 per cent, to record $6.1 billion during March 2021, due to increases in the value of some commodities, such as petroleum products, which rose by 92.5 per cent, passenger cars, up by 73.9 per cent, and medicines and pharmaceuticals, up by 9.7 per cent.

Minister of Trade and Industry Niveen Gamea announced recently that Egyptian non-oil exports had achieved a tangible increase of 11 per cent during the first four months of 2021, reaching $9.8 billion, compared to about $8.8 billion in the same period of 2020.