Cairo - Mubasher: Egypt’s trade balance deficit declined by 38.6% during March 2020 to $2.69 billion, compared to $4.38 billion in March 2019, data released by the Central Agency for Public Mobilization and Statistics (CAPMAS) showed on Sunday.
The value of exports slumped by 18% to reach $2.24 billion last March versus $2.73 billion in the same month in 2019, due to a drop in exports such as ready-made garments by 23.9%, petroleum products by 70.7%, crude oil by 46.8%, and pastries and various food preparations by 3.2%.
On the contrary, data showed an increase in the value of other exports such as fertilisers by 34.5%, potatoes by 7.9%, fresh oranges by 38.7%, and fresh fruits by 1.8%.
Moreover, imports amounted to $4.93 billion in March 2020, down by 30.6% from $7.11 billion in the corresponding period a year ago.
The value of some imported commodities fell, including raw materials like iron or steel by 8.9%, wheat by 28.8%, petroleum products by 70%, and medicines and pharmaceuticals by 2.2%.
Crude petroleum imports increased by 62.2%, followed by corn by 40.3%, refined oil by 34.5%, and dairy products with 1.5%.
