Fewer Exports Widen Egypt’s Trade Deficit By 10.3% in SeptemberSource: www.export-egypt.com 12/6/2023, Location: Africa |
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Egypt’s trade deficit increased by 10.3 percent to reach $3.24 billion in September compared to $2.84 billion in the same month last year, according to the data released by the Central Agency for Public Mobilization and Statistics (CAMPAS).
CAPMAS attributed this rise to a decline in the country's exports by 33.7 percent in September, reaching $2.94 billion down from $4.44 billion in September 2022, as per the monthly external trade bulletin. The drop was mainly driven by the decline in exports of ready-made clothing, petroleum products, and fertilizers by 11.1 percent, 68.2 percent, and 65.9 percent on an annual basis, respectively. At the same time, imports decreased by 16.5 percent, recording $6.08 billion in September down from $7.28 billion, owing to a decline in imports of wheat, medicines and pharmaceutical supplies, and chemicals by 8.8 percent, 0.1 percent, and 38 percent respectively. In August, the country’s trade deficit shrank by 22.3 percent to reach $3.88 billion, down from $4.99 billion in August 2022. Egypt’s trade deficit declined by 23.59 percent during the fiscal year 2022/2023, primarily due to a significant decline in non-oil imports |
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