Arab Finance: Egypt’s trade balance deficit dropped by 23.2% year on year (YoY) to $2.93 billion in July, compared to $3.82 billion, the Central Agency for Public Mobilization and Statistics (CAPMAS) stated.

The value of Egyptian exports decreased by 10.9% in July, reaching $3.1 billion, compared to $3.47 billion in the same month a year earlier.

The decrease was driven by the drop in the value of some goods, including fertilizers by 37%, petroleum products by 70.7%, natural gas by 94.8%, and furniture by 46.7%.

Likewise, the value of Egypt’s imports dropped by 17.3% YoY to $6.03 billion last July from $7.29 billion in July 2022.

This was attributed to a decline in the value of imports of several commodities, such as petroleum products by 16%, iron and steel by 13.5%, plastics by 44.6%, and organic and non-organic chemicals by 29%.

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