Good afternoon, folks. The government’s efforts to slim down the country’s trade deficit seems to be going a lot better than most diets after the first six months of the year.

THE BIG STORY TODAY

Egypt’s non-oil trade deficit narrowed by 16% y-o-y to USD 15.9 bn in the first half of 2024, down from USD 18.9 bn in the same period last year, Asharq Business, citing a government document.

Driving the trend: Non-oil exports increased by 9.8% y-o-y to some USD 19.6 bn in the first six months of the year — pushed by the recent EGP float, which boosted our exports’ competitiveness in foreign markets. As exports increased, non-oil imports dipped by 3.3% y-o-y to EGP 35.6 bn, dragged by a “decrease in imports by about USD 1.2 bn during the first six months of this year,” according to the document cited by the outlet.

THE BIG STORY ABROAD

The aftermath of Venezuelan President Nicolas Maduro’s re-election continues to make the rounds on the front pages of the int’l business press, with no single business story dominating the news this evening. Protests erupted across Venezuela after President Nicolas Maduro’s disputed re-election, with riot police using tear gas against protesters in Caracas. Maduro was declared the winner of Sunday’s presidential vote by the country’s electoral authority, while the main opposition grouping claimed that its candidate, Edmundo González, had won with 70% of the votes after taking the lead in most polls and exit surveys. (Financial Times | Reuters | CNBC)

** CATCH UP QUICK on the top stories from today’s EnterpriseAM:

  • It’s a wrap on our third review from the IMF: The Fund’s Executive Board has completed the third review of our USD 8 bn loan program, enabling the Madbouly government to “immediately draw” the USD 820 mn third tranche.
  • The cabinet greenlit the ins and outs of a subsidized loan program for hospitality companies worth up to EGP 50 bn to help support the country reach its tourism targets and reach 25 mn tourists annually by 2028.
  • The agricultural export industry is at war with itself: Egypt’s exports of agricultural goods have seen considerable growth over the past few years. However, a significant portion of Egypt’s exports are traded through a commission-based system also known as consignment — a system that has long been criticized for lowering the sector’s returns.

☀️ TOMORROW’S WEATHER- Mercury is peaking at a high of 39°C before simmering to a moderate low of 26°C by night, according to our favorite weather app. Sahel and Alexandria are seeing cooler weather, with a high of 33°C and a low of 24-25°C.

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