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Egypt’s trade deficit narrows 1.2% in February – CAPMAS

Egypt’s trade deficit narrows 1.2% in February – CAPMAS
Exports declined by 2.0% to $2.69 billion

Cairo – Mubasher: Egypt’s balance of trade deficit shrank by 1.2% year-on-year (YoY) to $3.34 billion in February from $3.38 billion in the same month a year earlier, data released by the Central Agency for Public Mobilization and Statistics (CAPMAS) showed on Tuesday.

Exports

The most populous Arab nation’s exports declined YoY by 2.0% to $2.69 billion in February, compared to $2.75 billion.

The value of exports of potatoes dropped by 17.6%, fresh oranges by 58.8%, detergents by 21.7%, and medicines and pharmaceuticals by 42.4%.

On the other hand, exports of fresh fruits increased by 23.1%, ready-made garments by 6.0%, and plastics by 47.7%.

Imports

The value of imports also dropped by 1.6% YoY to $6.03 billion in February, compared to $6.13 billion.

The slide in imports was due to a fall in imports of crude petroleum by 61.0%, organic and inorganic chemical materials by 11.6%, and meat by 11.7%.

Meanwhile, the imports of petroleum products grew by 39.1%, passenger cars by 23.9%, raw materials of iron and steel by 6.7%, and medicines and pharmaceuticals by 14.9%.