Egypt’s Trade Deficit Declines by 16.6%

Egypt’s Trade Deficit Declines by 16.6%

Egypt’s trade balance deficit declined by 16.6 percent to $3.15 billion in October 2023, compared to $3.78 billion in the same month of 2022.

The Central Agency for Public Mobilization and Statistics (CAPMAS) said in a statement on Thursday that the value of exports declined 19.2 percent on an annual basis to $3.23 billion in October 2023.

It added that this drop was driven by a decline in the value of exports of natural and liquefied gas by 95.8 percent, petroleum products by 43.6 percent, and plastics in their primary forms by 21.4 percent.

Imports fell 18 percent to $6.38 billion in October compared to $7.78 billion a year ago.

Meanwhile, an economic survey showed that non-oil private sector activity in Egypt contracted in December for the 37th month, as the weak currency and import restrictions continue to hamper business activities, but confidence about future production has rebounded from a record low level.

The Standard & Poor’s Global Purchasing Managers’ Index in Egypt rose to 48.5 from 48.4 in November, but remained below the 50.0 level, which indicates growth in activity.

The production sub-index fell to 46.7 from 47.2, similarly indicating that higher prices led to a decline in customer demand.

Business confidence rose again in December