Egypt’s trade deficit falls by 16.6% YoY in October
Updated 1/4/2024 1:59:00 PM
Arab Finance: Egypt’s trade balance deficit fell by 16.6% year on year (YoY) to $3.15 billion in October 2023 from $3.78 billion, according to a press release issued by the Central Agency for Public Mobilization and Statistics (CAPMAS).
The value of Egyptian exports hit $3.23 billion last October, down by 19.2% from $4 billion in the same month of 2022.
This decline was due to a drop in the value of some goods, including petroleum products by 43.6% and plastics by 21.4%.
Similarly, the value of Egypt’s imports dropped by 18% YoY to $6.38 billion last October from $7.78 billion in October 2022.
The decrease in imports was attributed to a decline in the value of several imported commodities, such as petroleum products by 13.8%, pharmaceuticals and medicines by 15.2%, and plastics by 26.7%.
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