Cairo – Mubasher: Egypt’s balance of trade deficit narrowed by 17.9% year-on-year (YoY) to $3.15 billion in January from $3.85 billion in the same month a year earlier, data released by the Central Agency for Public Mobilization and Statistics (CAPMAS) showed on Sunday.
Exports
The most populous Arab nation’s exports declined by 8.4% YoY to $2.5 billion, compared to $2.72 billion in January 2020.
The decline in exports was ascribed to lower exports of petroleum products by 2.5%, crude petroleum by 11.9%, ready-made garments by 8.0%, pastries and various meal preparations by 2.3%.
On the other hand, exports of fertilisers increased by 19.3%, fresh fruits by 17.9%, plastics by 11.5%, and carpets and rugs by 7.1%.
Imports
The value of imports also dropped by 13.9% to $5.65 billion last January, compared to $6.57 billion in the same month in 2020.
The fall in imports was attributed to lower imports of petroleum products by 9.5%, passenger cars by 14.1%, iron and steel by 3.7%, and crude petroleum by 53.7%.
