Egypt records 29.4% decrease in trade deficit during February 2022

Newspaper Title: https://dailynewsegypt.com/

Newspaper Number:

Monday - 16 May 2022

Egypt recorded a trade deficit of $2.7bn in February 2022, down from February 2021’s $3.82bn — a decrease of 29.4% — according to the Central Agency for Public Mobilisation and Statistics’ (CAPMAS) monthly bulletin for foreign trade.

However, the value of exports Increased by 41%, bringing in $4.12bn, up from $2.92bn. This is due to an increase in the value of some commodities such as other articles of textile materials by 76.8%, potatoes by 56.8%, Ready-made clothes by 19.5%, and fertilisers by 11.6%.  

Meanwhile, the value of some exported commodities decreased, including fresh oranges by 31%, miscellaneous edible preparations by 11.7%, dairy products by 6%, and carpets and Kelem by 4.3%.

Furthermore, the value of imports increased by 1.2%, with total expenditures on imports reaching $6.82bn, up from February 2021’s $6.74bn. This is due to an increase in the value of some commodities such as crude oil by 81.3%, raw materials of iron or steel by 61.7%, plastics in their primary forms by 38.8%, and chemicals — organic and non-organic — by 33.7%.

However, the imports of some commodities decreased, including wheat by 48.4%, motor vehicles by 38.9%, drugs and pharmaceutical preparations by 11%, and soybeans by 10.1%.