Mubasher TV
Contact Us Advertising   العربية

Egypt's trade deficit narrows 26% in August

Egypt's trade deficit narrows 26% in August
The North African nation’s exports fell to $1.97 billion

Cairo – Mubasher: Egypt's trade deficit shrank by 25.8% to $3.51 billion in August, compared to $4.73 billion in the same month a year earlier, according to data released by the Central Agency for Public Mobilization and Statistics (CAPMAS) said on Sunday.

Exports

The North African nation’s exports fell by 3% year-on-year to $1.97 billion in August from $2.03 billion, driven by a drop of 18.3% in crude oil, as well as a 49.8% slide in petroleum products, and a 19.8% decrease in packaged food, the state-run body revealed.

On the other hand, exports of ready-made garments, plastics, soap and detergents, fresh fruit, sanitary ware and tiles increased by 1.1%, 1.9%, 54.5%, 23.3%, and 31.2%, respectively.

Imports

Meanwhile, the most populous Arab nation’s imports dipped by 19% to $5.48 billion in the eighth month of 2019, compared to $6.76 billion in the corresponding month a year earlier.

Imports of petroleum products, iron ore and steel, plastics, and wheat went down by 33.3%, 18.8%, 17.3%, and 2.9%, respectively.

However, some imports rose during the month including meat, organic and inorganic chemical materials, and phones for individuals which grew by 33.0%, 6.5%, and 19.6%, respectively.