Arab Finance: Egypt’s trade balance deficit fell by 22.3% year on year (YoY) to $3.88 billion in August from $4.99 billion, according to a press release issued by the Central Agency for Public Mobilization and Statistics (CAPMAS).

The value of Egyptian exports hit $3.36 billion last August, down by 1.9% from $3.43 billion in the same month of 2022.

This decline was due to a drop in the value of some goods, including petroleum products by 61.5% and fertilizers by 44.2%.

Similarly, the value of Egypt’s imports dropped by 14% YoY to $7.24 billion last August from $8.42 billion in August 2022.

The decrease in imports was attributed to a decline in the value of several imported commodities, such as iron and steel by 15.9%, pharmaceuticals and medicines by 5.4%, and passenger cars by 124.4%.

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