Egypt’s trade deficit falls 38.5% YoY in November 2022: CAPMAS
Updated 2/8/2023 2:21:00 AM
Arab Finance: Egypt’s trade balance deficit dropped by 38.5% to $2.15 billion in November 2022, versus $3.5 billion in the same month of 2021, according to a press release published by the Central Agency for Public Mobilization and Statistics (CAPMAS) on February 7th.
The value of Egyptian exports slipped by 17.8% year-on-year (YoY) to $3.79 billion in November 2022 from $4.61 billion, the CAPMAS added.
The decrease in exports’ value was driven by lower value of some goods, including liquefied natural gas (LNG), crude oil, fertilizers, and petroleum products that dropped by 13.3%, 15.6%, 13.3%, and 36.8%, respectively.
On the other hand, the value of Egypt’s exports of ready-made clothing rose by 17.2%, while the value of fresh fruits’ exports climbed by 72.6%.
Meanwhile, the value of Egypt’s imports recorded $5.94 billion last November, down by 26.8 from $8.11 billion in November 2021.
The CAPMAS attributed the decline in imports’ value to a downturn in some goods’ value, including crude oil and pharmaceuticals which fell by 9.6% and 29.6%, respectively.
However, the value of wheat imports increased by 10.2% last November, and the value of petroleum products imports rose by 51.2%. Additionally, the value of natural gas imports surged by 134.2%.
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