Egypt’s trade deficit shrinks 37% YoY in January 2024

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Cairo – Egypt’s trade deficit dropped 37.20% year-on-year (YoY) to $2.08 billion in January 2024 from $3.32 billion in the same month of last year.

The decline in the trade deficit was the result of a 25.30% YoY plunge in imports to $5.54 billion in January of this year from $7.42 billion, according to the Central Agency for Public Mobilization and Statistics (CAPMAS).

In January, imports of wheat, plastics in primary forms, and medicines and pharmaceutical preparations dropped 41.80% YoY, 43.60% YoY, and 9.90% YoY, respectively.

Meanwhile, imports of Petroleum products, natural gas, and passenger cars surged 60.80%, 20.90%, and 92.90% YoY, respectively, during January.

Exports

Egypt’s exports also decreased by 15.60% YoY to $3.46 billion in the first month of the year $4.10 billion.

Exports of liquefied natural gas (LNG) plummeted 87.10% YoY in January, while exports of fertilisers, crude oil, and petroleum products shrank 47.70%, 22.10%, and 8.10% YoY, respectively.

On the other hand, exports of pastries and various food preparations, ready-made clothes, and fresh fruits rose by 38.60%, 35.70%, and 24.90% YoY, respectively, during January.

Earlier this week, Bloomberg reported that Egyptian Natural Gas Holding Company ordered at least one shipment of LNG.