The trade balance deficit dropped by 27.1% in September 2016 to EGP 22.66bn, compared to EGP 31.08bn in September 2015, according to the Central Agency for Public Mobilization and Statistics’ (CAPMAS) monthly bulletin on foreign trade statistics.
In a statement issued on Tuesday, CAPMAS noted that the deceleration happened because the value of exports increased by 19.9% to reach EGP 13.7bn in September this year compared to EGP 11.43bn in September 2015. This came about due to the increase in the value of some commodities, such as crude oil by 84.3%, pulp food and preparations by 17.1%, and fresh fruits by 47.4%.
The exports of some commodities decreased in September year-on-year (y-o-y), such as petroleum products by 60%, apparel by 14.8%, primary plastics by 14.8%, dairy products by 1.8%, and furniture by 0.9%.
CAPMAS noted that the value of imports decreased by 14.5% to EGP 36.36bn in September, compared to EGP 42.51bn y-o-y. This was due to the decrease in the value of some commodities, such as petroleum products by 51.2%, raw iron and steel ore by 12.7%, meat by 7.4%, and cars by 28.8%.
The release showed that the imports of some commodities increased in September y-o-y, such as crude oil by 70%, medicines and pharmaceutical preparations by 8.1%, corn by 9.2%, and auto parts by 22.8%.