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 during the same period last year, driven by a rise in exports and a dip in imports, Asharq Business reported, citing a government document.

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EXPORTS-

Exports on the rise: Non-oil exports increased by 9.8% y-o-y to some USD 19.6 bn in the first six months of the year, which the news outlet attributed to the float of the EGP in March making Egyptian products more competitive in foreign markets.

Construction materials exports contributed the lion’s share: Construction material exports made up nearly a quarter of all non-oil exports in 1H 2024, accounting for 24% of total exports at USD 4.7 bn.

Chemical products and fertilizer exports came in second, standing at USD 3.8 bn, representing 19% of total exports.

Food industries were close behind in third place, clocking in USD 3.1 bn worth of exports, accounting for 15% of total export receipts. Meanwhile, agricultural exports stood at USD 2.7 bn, making up 14%, followed by engineering products and electronics, which registered USD 2.6 bn in exports.

ON THE IMPORTS FRONT-

Imports were down: Non-oil imports dipped by 3.3% y-o-y to EGP 35.6 bn.

Electronics and engineering goods made up the largest part of our import bill, accounting for 30% of the country’s imports, totaling USD 10.8 bn during the six-month period.

We imported much more construction materials than we exported: Construction materials were the second biggest contributor to our import bill, totalling USD 6.8 bn throughout the period and making up 18% of the country’s total imports.

Coming in third, fourth, and fifth, were chemical and fertilizer imports at USD 5.1 bn, agricultural imports of USD 4.9 bn, and foodstuff imports that came in at USD 3.9 bn.

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