Egypt’s trade deficit decreased by 28.8% to $2.9bn during October 2020, versus $4.1bn for the same month of previous year, according to a report by the Central Agency for Public Mobilization and Statistics (CAPMAS).
The country’s exports value decreased by 13.1%, reaching $2.2bn during October 2020, versus $2.5bn for the same month of previous year. This has been attributed to a decrease in value of some commodities such as: ready-made clothes by 6.6%; petroleum products by 27.3%; crude oil by 34.3%; and fertilisers by 16.4%.
At the same time, the exports value of some commodities increased during October 2020, versus the same month of previous year. This included: pasta and food preparations by 2.1%; carpets and kilims by 3.5%; and furniture by 33.5%.
The report added that Egypt’s imports value decreased by 22.8%, to reach $5.1bn during October 2020, against $6.6bn for the same month of previous year. This was due to the decreased in value of some commodities such as: petroleum products by 32.8%; crude oil by 20.7%; pharmaceuticals by 0.3%; and raw materials of steel by 32.0%.
Meanwhile, the value of some imported commodities increased in October 2020, versus the same month of previous year, such as: wheat by 27.1%; passenger cars by 6.2%; and copper and articles thereof by 22.6%.