Egypt sees trade deficit rise 17.8pc amid export decline

RIYADH, Mar 13 (Arab News): Egypt’s annual trade deficit rose by 17.8 per cent in December due to a decline in the value of key commodities such as fertilizers and petroleum products.

According to the report from the Central Agency for Public Mobilisation and Statistics, the North African nation registered a trade deficit of $3.03 billion in the final month of 2023, up from $2.57 billion in December 2022.

The report indicated a 23 percent year-on-year decline in export value, totaling $3.48 billion. Imports also decreased by 8.2 percent over the same period, reaching a total of $6.51 billion. The decline in exports is primarily attributed to the reduced value of certain commodities.