Egypt’s trade deficit plunges 54% YoY in December 2022: CAPMAS

Newspaper Title: https://www.zawya.com/

Newspaper Number:

Wednesday - 15 March 2023

Egypt’s trade balance deficit dropped by 54% year on year (YoY) to $1.93 billion in December 2022, compared to $4.20 billion in the same month of 2022, according to a press release published by the Central Agency for Public Mobilization and Statistics (CAPMAS) on March 14th.

The value of Egyptian exports slipped by 2.7% YoY to $4.18 billion in December 2022 from $4.29 billion, the CAPMAS added.

The decline in exports’ value was driven by lower value of some goods, including crude oil, petroleum products, plastics, and ready-made garments that dropped by 45.1%, 41.2%, 31.4%, and 4.8%, respectively.

On the other hand, the value of Egypt’s exports of Liquefied Natural Gas (LNG) rose by 47.3%, while the value of fresh fruits’ exports climbed by 25.7%.

Meanwhile, the value of Egypt’s imports recorded $6.11 billion last Decemebr, down by 28% YoY from $8.11 billion in Decemebr 2021.

The CAPMAS attributed the decline in imports’ value to a downturn in some goods’ value, including plastics and wheat which fell by 48.8% and 28.4%, respectively.