Egypt’s trade deficit drops 29.4% in February

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Egypt’s trade balance deficit fell by 29.4% to $2.7 billion in February 2022, as compared to $3.82 billion in the same month of 2021, the Central Agency for Public Mobilization and Statistics (CAPMAS) announced in a recent press release.

The value of Egyptian exports jumped by 41% year-on-year (YoY) to $4.12 billion in February 2022 from $2.92 billion, the CAPMAS added.

The agency attributed this growth in exports to the increase in the value of some goods’ exports, including potatoes, ready-made clothing, and fertilizers by 56.8%, 19.5%, and 11.6%, respectively.

Moreover, the value of Egypt’s imports amounted to $6.82 billion last February, increasing by 1.2% from $6.74 billion in the corresponding month of 2021.

The increase in imports value was driven by the uptick in some imports’ value, including petroleum products which surged by 81.3%.