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Egypt's trade deficit rises 18% in July, reaching $4.6 billion
Posted on October 15, 2024 |
Egypt's exports grew by 10.7% in July 2024, reaching $3.54 billion, with significant growth in goods like ready-made garments (up 37.4%) and petroleum products (up 98.5%).
Some export values dropped, including crude oil (down 62.6%), fertilizers (down 61%), iron rods and bars (down 34.2%), and plastic products (down 0.1%).
Imports rose by 14.9% year-on-year, totaling $8.14 billion in July 2024, with petroleum products (up 83.6%), natural gas (up 210.1%), and iron and steel materials (up 49.4%) leading the growth.
Certain imports saw a decrease, such as wheat (down 5.3%), passenger cars (down 26.8%), corn (down 16.7%), and soybeans (down 12.4%).
Egypt’s trade deficit narrowed by 5.1% in June 2024, dropping to $2.87 billion from $3.02 billion in June 2023.
The current account deficit increased, reaching $17.1 billion in the first nine months of FY2023/2024, compared to $5.3 billion in the same period of FY2022/2023.
Export growth was driven by key sectors, while the rise in imports was mainly due to higher demand for petroleum, natural gas, and raw materials.