Egypt’s balance of trade deficit narrowed by 13.3% year-on-year (YoY) to $3.1 billion in April from $3.5 billion, according to data released by the Central Agency for Public Mobilization and Statistics (CAPMAS).
Exports
The North African nation’s exports surged by 47.4% to $2.84 billion in April, compared to $1.93 billion in the same month in 2020.
The rise in exports was ascribed to higher exports of medicines and pharmaceuticals by 77.2%, fresh fruits by 60.2%, and pastries and miscellaneous food preparations by 12%.
On the other hand, exports of fertilisers declined by 29.9%, rolled iron and steel by 10.9%, potatoes by 37.2%, and refined sugar by 39.7%.
Imports
Egypt’s imports increased by 8.1% to $5.92 billion in April, compared to $5.47 billion in the corresponding month a year earlier on the back of higher imports of passenger cars by 58.9%, iron raw materials and condensates by 58.6%, and plastics by 27.2%.
Meanwhile, the imports of iron and steel ore fell by 4.4%, wheat by 7.4%, medicines and pharmaceuticals by 6.3%, and organic and inorganic chemicals by 6.3%.
