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Egypt’s trade deficit reaches $3.3BN in April

Egypt’s trade deficit reaches $3.3BN in April

Cairo: Egypt’s trade deficit increased 4.1 percent during April 2018, recording $3.32 billion, compared to $3.19 billion in the same month of 2017, according to the state statistics agency CAPMAS.

In March, Egypt marked a trade deficit of $3.40 billion, compared to $3.19 billion in the same month of 2017, with an increase of 6.2 percent.

Planning Minister Hala al-Saeed said in February that Egypt’s trade deficit declined 15.7 percent year-on-year in the first half of fiscal year 2017/18, dropping from $21.7 billion to $18.3 billion.

In its monthly bulletin on foreign trade data, CAPMAS said that exports increased 3.7 percent to reach $2.26 billion during the month of 2018, compared to $2.18 billion during the month of 2017.

The bulletin attributed the increase of exports to the jump in the exports of some goods, such fresh orange, increasing by 27.9 percent, readymade garments (2 percent), plastic (101.2 percent) and miscellaneous edible preparations (14.7 percent).

Meanwhile, exports of some other commodities saw a decline in April such as crude oil, which decreased by 15.2 percent, potatoes (28.2 percent), furniture (4.6 percent) and fertilizers (62.1 percent).

CAPMAS said earlier that Egypt’s exports in the first two months of 2018 recorded $4.5 billion, compared to $4 billion in the same period of 2017.

Meanwhile, Egypt’s non petroleum exports jumped 200 percent in the first two months of 2018, reaching $64 million, compared to $21 million in the same period of 2017.

As per imports, the bulletin showed an increase of 3.9 percent to hit $5.58 billion in April of the current year, compared to $5.37 billion in April 2017.

CAPMAS ascribed this hike to the increase of imports of raw materials of iron or steel by 66.8 percent, plastics by 17.5 percent, motor vehicles by 127.1 percent and chemicals, organic & non organic by 33.4 percent.

On the other hand, imports of other commodities showed a decline; such as wheat by 44.5 percent, petroleum products by 49.7 percent, medicaments and pharmaceutical goods by 36 percent, and tubing of Iron, Steel with fittings by 30.6 percent.

Egypt has been witnessing a drop in imports after it floated its currency in late 2016, making Egyptian goods in foreign markets attractively cheaper while doubling the cost of importing.

Source: Egypt Today

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