The value of Egypt’s trade balance deficit reached EGP 27.83bn during October 2016, as opposed to EGP 34.75bn in the same month of the previous year—a decrease of 19.9%, according to a report by the Central Agency for Public Mobilization and Statistics (CAPMAS) on foreign trade statistics.
The value of exports increased by 21.4%, as it reached EGP 16.22bn during October 2016, versus EGP 13.36bn for the same month of the previous year.
CAPMAS attributed the increase to the rising value of some commodities, including fertilisers by 196.5%, crude oil by 71.1%, furniture by 45.1%, fresh fruits by 38.6%, pates and processed food by 33.7%.
Meanwhile, exports of some commodities decreased in October 2016 such as petroleum products by 58.3%, fresh onions by 48%, dairy products by 30.6%, sanitary paper by 22.2%, and ready-made clothes by 3.2%.
The CAPMAS noted that the value of imports decreased by 8.4% as it reached EGP 44.05bn during October 2016, versus EGP 48.11bn for the same month of the previous year due to the decrease of the value of some commodities, including wheat by 90.7%, passenger cars by 14.2%, corn by 4.9%, and automotive spare parts by 3.9%.
Imports of some commodities increased in October 2016, according to the CAPMAS. Prices of crude oil hiked by 36.1%, tyres and inner tubes for vehicles by 22.7%, medicines and pharmaceutical products by 17.7%, raw materials of iron or steel by 7.7%, and plastics in primary forms by 4.3%.