Egypt trade deficit grows by 22.8% in September to $4.4 bln

CAPMAS data also indicated that the value of exports rose by 10.2 percent to $3.46 billion in September, up from $3.1 billion in September 2023.

The agency attributed this rise to the increase in exports of several goods, including petroleum products by 146.5 percent, ready-made garments by 28.7 percent, plastics by 42.1 percent, and miscellaneous food preparations and pastes by 11.1 percent.

However, some export categories decreased, including crude oil by 66.0 percent, fertilizers by 40.2 percent, fresh fruits by 8.8 percent, and iron rods, bars, angles, and wires by 14.0 percent.

Meanwhile, imports grew by 16.9 percent to $7.86 billion, compared to $6.72 billion in September 2023. 

CAPMAS attributed this rise to the increase in imports of several goods, including petroleum products by 33.9 percent, natural gas by 138.6 percent, plastics by 20.1 percent, and pharmaceuticals and pharmaceutical preparations by 1.7 percent.

Conversely, imports of other goods decreased, including wheat by 22.3 percent, cars by 25.2 percent, corn by 25.9 percent, and raw materials of iron or steel by 19.1 percent.

In August, Egypt’s trade deficit also widened to $4.88 billion, up from $4.03 billion in August 2023, marking a 21.3 percent increase.

Similarly, the country's current account deficit increased to $17.1 billion during the first nine months of FY2023/2024, compared to $5.3 billion in the same period of FY2022/2023, according to the Central Bank of Egypt (CBE).