Egypt’s trade deficit recorded a 20.5% decrease to $3.02bn during August 2020, compared to the $3.8bn in the same month of the previous year, according to the Central Agency for Public Mobilization and Statistics (CAPMAS).
A CAPMAS report issued on Tuesday added that Egypt’s exports declined by 9.4% to $1.91bn during August 2020, versus $2.11bn for the same month of previous year.
The downturn was attributed to the decrease in value of some commodities, including: petroleum products by 32.0%; crude oil by 46.5%; ready-made garments by 31.0%; and soaps and detergents by 25.0%.
At the same time, the value of other exports increased during August 2020, compared to the same month of previous year. These included fertilisers by 13.9%; plastics in their primary form by 4.0%; and pasta and various food preparations by 32.6%.
Egypt’s imports value also decreased by 16.6% to $4.93bn during August 2020, versus $5.91bn for the same month of the previous year. This was attributed to the decreased value of some commodities, including: petroleum products by 49.4%; wheat by 3.6%; meat by 8.0%; and iron and steel raw materials by 44.7%.
However, the value of other imports increased in August 2020, including crude oil by 67.8%; passenger cars by 36.5%; pharmaceuticals by 34.9%; refined oils by 132.8%.