Egypt records 10.3pc drop in trade deficit value

RIYADH: Fruit, clothes and carpet exports helped Egypt reduce its trade balance deficit by 10.3 percent in May as imports also dropped, according to official data.

Figures released by the north African country’s Central Agency for Public Mobilization and Statistics showed the value of goods leaving Egypt increased by 0.4 percent year on year to hit $3.81 billion in the fifth month of 2024, while incoming trade decreased by 5.1 percent to stand at $7.38 billion.

This led to a trade deficit of $3.57 billion, with significant drops in medicines and chemicals imports helping to cut the figure.

The closing of the trade balance figures came after Egypt’s current account deficit widened significantly in the first nine months of the fiscal year 2023-2024, which ended on June 30.