The trade balance deficit in March decreased to $2.51bn, down from $4.41bn in March 2016, marking a drop of 43.1%, according to the Central Agency for Public Mobilization and Statistics (CAPMAS).
The agency stated in its monthly bulletin issued on Tuesday on the foreign trade statistics that the value of Egyptian exports climbed in March 2017 by 8.8% to reach $2.16bn, up from $1.98bn in March 2016.
It attributed the increase to the hiking value of some exports, including fertilisers by 52.8%, crude oil by 39.6%, fresh oranges by 26.8%, and ready-made clothes by 17.5%.
Meanwhile, the value of some exports declined in March 2017 compared to March 2016, including dairy products by 29.1%, fertilisers by 9.5%, soap and washing prep by 6.3%, and medicaments and pharmaceutical goods by 2.3%.
CAPMAS noted that the value of imports decreased by 27% as it reached $4.67bn during March 2017, versus $6.40bn for the same month of the previous year, due to the decrease of value of some commodities, such as primary forms of iron or steel by 37.6%, plastics in their primary form by 24.6%, medicaments and pharmaceutical goods by 15.8%, and wheat by 13.9%.
Yet, imports of some commodities increased in March 2017 versus March 2016, such as crude oil by 729.9%, petroleum products by 104.4 %, copper by 89.7 %, and pipes, iron, and steel equipment by 25.3%.