Egypt's trade deficit drops by 47.7% YoY in June

The trade balance deficit also went down last June month-on-month (MoM), from $3.74 billion in May this year.

According to the monthly external trade bulletin, exports decreased to $2.91 billion in June, declining by 27.6 percent from $4.02 billion a year earlier.

CAPMAS attributed the decline in the value of exports due to a decrease in crude oil exports by 12.7 percent year-on-year (YoY), as well as a decline in fresh fruit exports by 32 percent.

Imports declined by 38.1 percent to $5.23 billion, down from $8.45 billion in June 2022, owing to plunging imports of petroleum products, wheat, and steel.

According to the bulletin, petroleum and wheat imports declined by 37.7 percent and nine percent, respectively.

Natural gas imports surged in June by 33.5 percent over the same period.

Egypt's trade balance deficit recorded $3.74 billion in May 2023, a 4.3 percent increase compared to $3.57 billion in the same month last year.