Egypt’s trade deficit decreased by 29.7% year-on-year to $2.79 billion in January, versus $3.97 billion, the Central Agency for Public Mobilization and Statistics (CAPMAS) said on Thursday.
Egypt’s total exports plunged 4.2% to $2.33 billion in the first month of 2019, against $2.43 billion in January 2018.
The drop in January exports was mainly driven by the fall in the value of some exports, including crude oil, food, and furniture.
On a monthly basis, the value of some exports increased in January, compared to December 2018.
As for imports, Egypt’s imports went down 20% to $5.12 billion in January, versus $6.40 billion in the same period of the prior year.
The fall in imports was attributed to a decline in the value of some imports such as oil products, plastics, chemicals, and wheat.