Cairo - Mubasher: Egyptian trade balance deficit fell by 1.2%% year-on-year in February 2018 to $3.28 billion from $3.32 billion.
Egypt’s exports surged by 14% last February to $2.32 billion, versus exports of $2.02 billion in the year-ago period, data issued by the Central Agency for Public Mobilization and Statistics (CAPMAS) showed on Tuesday.
The CAPMAS attributed the growth in exports to the 8.7% increase in crude oil exports, as well as the rise in exports of ready-made clothing, fresh orange, and plastic by 17.7%, 16.6%, and 16%, respectively.
Meanwhile, Egyptian imports rose by 4.6% to $5.59 billion in February 2018, compared to $5.34 billion in the prior-year period, the CAPMAS indicated.
The increase in Egypt’s imports was mainly by iron and steel imports that soared by 128.9%, in addition to imports of crude oil, plastic, and cars which hiked 141.3%, 1.4%, and 92%, respectively.
The CAPMAS had previously posted that Egypt’s trade balance deficit rose by 4% year-on-year in January 2018.
