On Thursday, the Egyptian Central Agency for Public Mobilization and Statistics (CAPMAS) said that the country’s trade balance deficit increased last October by 21.1%, on an annual basis, to reach about $3.58 billion. The official statistical agency attributed the increase in the trade balance deficit to a decline in exports.
The CAPMAS monthly bulletin has shown a decrease in exports by 9.4%, reaching $3.77 billion in October 2022. Exports of petroleum products, fertilizers, and crude oil have declined by 25.6%, 39.8%, and 45.4%, respectively. However, gas, clothing, food preparations and fruit exports increased by 14.4%, 19.7%, 20.6%, and 71.7%, respectively.
Imports also increased by 3.3%, reaching $7.35 billion in October 2022. Imports of petroleum products, wheat, and crude oil increased by 104.6%, 96.0%, and 90.1%, respectively. On the other hand, imports of medicines, chemicals, and raw materials of steel decreased by 20.4%, 2.2%, and 27.0%, respectively.