(Ecofin Agency) - Egypt’s trade deficit has slumped by 37% ($12.23bn) over the first eight months of 2017, down to $20.1 billion, from $32.4 billion in 2016, over the same period. This was disclosed by the Egyptian minister of external trade, Tarek Kabil (picture), in a statement released last Thursday.

This situation mainly results from a 15% increase in non-oil exports. These stood at $15 billion between January and August 2017, against $13.5 billion in 2016, over the same period.

In the meantime, non-oil imports have diminished by 23%, from $45.5 billion in 2016, to $35.1 billion in 2017.

It should be noted that Egypt’s trade balance is structurally deficient. Exports of oil which is the country’s main source of exports, have decreased on a regular basis, and this caused the 2016 trade deficit to widen, reaching $38.8 billion.

However, Egypt’s external trade flow has considerably rose (+273.5% in 10 years), reaching $737 billion 2015, against $197.3 billion in 2006.