Higher exports and lower imports drive Egypt’s trade deficit for January down 37.1% y-o-y

Exports up, imports down in January. Egypt’s trade deficit dropped 37.1% year-on-year in January to USD 2.34 bn compared to USD 3.72 bn in the same month last year, according to the latest statistics from CAPMAS. Exports rose 27.1% y-o-y to USD 1.82 bn, led by rising crude oil and fertilizers sales. Imports fell 19.3% y-o-y in January to USD 4.16 bn compared to USD 5.15 bn in 2016, Leading the dip: A 143% drop in crude oil imports, a 19% decline in the import of petroleum product imports, a 36.4% drop in passenger car imports, a 27.5% drop in primary steel product imports, a 27.1% drop in plastic imports, and a 2.3% in pharma product imports. Tap here for the detailed report.