Egypts trade deficit down 35% in four months

Cairo – Egypt’s balance of trade deficit shrank by $5.570 billion or 35% year-on-year (YoY) in the first four months of 2020, minister of trade and industry Nevine Gamea said.

Increasing reliance on local products has contributed to narrowing the trade deficit, Gamea pointed out in a statement on Wednesday.

Non-oil imports dropped to $18.797 billion in the first four months of the year, down by 24% from $24.580 billion, while exports fell slightly by 2% during the period.

Major exports include construction materials, chemicals, fertilizers, food industries, and agricultural crops, whereas imports that declined the most include engineering industries, ready-made garments, textiles, and leather products, chairman of the General Organization for Export and Import Control (GOEIC), Ismail Gaber, said.