Egypt’s trade balance deficit declines 1% in Q1 of 2021

Egypt’s trade balance deficit declines 1% in Q1 of 2021

CAIRO - 2 June 2021: Egypt's trade balance deficit decreased by 1 percent during the first quarter of 2021, according to Minister of Planning and Economic Development, Hala El-Said. In a statement issued by the Cabinet Wednesday, the minister explained that the trade balance deficit during the period from January to March 2021 amounted to about $9.6 billion, compared to $9.7 billion in the corresponding period in 2020. El-Said indicated that the total value of non-oil merchandise exports increased during the same period by about $7.4 billion, compared to $7 billion in the same period in 2020, marking an increase of 6 percent. She added that the remittances of expatriates also continued in the upward trend, recording $15.5 billion, during the first half of this year, achieving an increase of about 10 percent, compared to the period from January to July 2020. The minister stated that net foreign direct investments (FDI) began to recover during the first half of the year 2020/2021, recording net inflows of about $3.4 billion, compared to $2.5 billion during the previous half. This came during today's cabinet meeting headed by Mostafa Madbouly. El-Said affirmed that what the Suez Canal achieved during the past year, despite