Arab Finance: Egypt’s trade balance deficit increased by 23.8% year on year (YoY) to $2.33 billion in April 2023 from $1.89 billion in the same month of 2022, according to a press release published by the Central Agency for Public Mobilization and Statistics (CAPMAS) on July 4th.

The value of Egyptian exports fell by 44.9% YoY in April, reaching $3.03 billion from $5.5 billion.

The decline was driven by the lower value of some goods, including natural and liquefied gas which fell by 75.6%, as well as the value of fruits, crude petroleum, and ready-made garments which fell by 58.8%, 48.2%, and 34.1%, respectively.

Meanwhile, the value of Egypt’s imports dropped by 27.4% YoY to $5.36 billion last April from $7.38 billion in April 2022.

This was attributed to a decline in the value of several imports of commodities, such as wheat by 1.4%, organic and non-organic chemicals by 2.1%, plastics by 33.6%, and iron and steel by 52.4%.

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