Egypt : Trade deficit grew by 44% by June 2018
(Ecofin Agency) - In Egypt, the trade deficit reached $3.62 billion by June 2018, representing a 44% rise compared to $2.51 billion last June 2017.
In its monthly report on external trades, the Central Agency for Public Mobilization and Statistics (CAPMAS) reveals that the country’s exports grew by 7.8% on a year-on-year basis to reach $2.10 billion by end June 2018 against $1.95 billion a year earlier.
These exports were mainly spurred by crude oil (+ 33.8%), Plastics in primary forms (+ 45.4%), Miscellaneous edible preparations (+ 15.7%) and soap (+ 120.2%). During the period under review, export of some products like ready-made garments (- 17.5%), fresh fruits (- 33.2%), fertilizers (- 27.8%) and furniture (- 13.7%) dropped.
As far as imports are concerned, CAPMAS reports that they grew by 28.2% on a year-on-year basis to stand at $5.2 billion at end June 2018, against $4.46 billion the previous year.
This rise in the imports was mainly due to iron and steel raw materials (+ 106.1%), crude oil (+ 84.4%), plastics in primary forms (+ 61.3%), and motor vehicles (+ 78.2%). On the other hand, imports of basic products like petroleum products (- 15.6%), and wheat (- 15.1%) dropped.
Let’s note that Egypt’s overall external trade stood at $7.82 billion at end June 2018.