Cairo – Mubasher: Egypt's trade deficit fell by 24.6% year-on-year to $3.34 billion in May from $4.42 billion, the Central Agency for Public Mobilization and Statistics (CAPMAS) said in a statement on Tuesday.
Exports
The most populous Arab country's exports advanced by 1.6% to $2.68 billion in the fifth month of 2019, compared to $2.64 billion in the same month a year earlier.
The rise in exports was mainly supported by the growth in the value of some exports, including fertilizers, ready-made garments, and plastics which increased by 27.5%, 2.8%, and 33.8%, respectively.
On the other hand, the value of some exports declined year-on-year in May, mainly crude oil, fresh fruits, and furniture which slumped by 30.9%, 43.3%, and 21.2%, respectively.
Imports
In the meantime, the North African nation’s imports reached $6.01 billion in the fifth month of 2019, dropping by 14.8% year-on-year from $7.06 million.
The fall in the value of imports was ascribed to a 32.3% decline in steel and iron, a 1.6% slide in plastics, as well as a 13.6% retreat in organic and inorganic chemicals.
Meanwhile, some imports grew year-on-year during May, including soy beans, meat, and wood which went up by 6.0%, 2.3%, and 4.4%, respectively.
