Report: Egyptian trade deficit hits $3.36bn in June

Egypt’s trade deficit rose in June by about 62.5 per cent to reach 26.3 billion Egyptian pounds ($3.36 billion) compared to 16.2 billion Egyptian pounds ($2.06 billion) during the same period last year.

The monthly foreign trade bulletin issued by the Central Agency for Public Mobilisation and Statistics (CAPMAS) revealed yesterday that exports have decreased by 24.6 per cent to reach 14.4 billion Egyptian pounds ($1.84 billion) in June compared to 19.1 billion Egyptian pounds ($2.44 billion) in the same month last year.

CAPMAS attributed the fall to the lower value of some goods, most importantly crude oil which reduced in price by 37.9 per cent and, petroleum products by 41.9 per cent.

Meanwhile, imports increased by nearly 15.3 per cent in June to reach 40.7 billion Egyptian pounds ($5.19 billion) compared to 35.3 billion Egyptian pounds ($4.5 billion) for the same month of the previous year, due to the high value of some commodities, it added.

According to the agency, the value of some imported commodities decreased in June compared to the same period last year, including raw materials of iron and steel which were down by 31.5 per cent, crude oil down 14.5 per cent, wood and its products down 21.4 per cent and organic and inorganic chemicals down 11.4 per cent.