{"id":561724,"date":"2021-04-19T03:46:59","date_gmt":"2021-04-19T03:46:59","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/2021\/04\/19\/trade-deficit-remains-flat-1q2021\/"},"modified":"2021-04-19T03:46:59","modified_gmt":"2021-04-19T03:46:59","slug":"trade-deficit-remains-flat-1q2021","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/egypt\/2021\/04\/19\/trade-deficit-remains-flat-1q2021\/","title":{"rendered":"Trade deficit remains flat 1Q2021"},"content":{"rendered":"

<\/a> Egypt\u2019s non-oil trade deficit remained essentially flat in <\/strong>1Q2021<\/strong>, narrowing just 1% to reach USD 9.55 bn compared to USD 9.68 bn in 1Q2020, Trade and Industry Minister Nevine Gamea said in a statement<\/a>. The slim drop in the deficit came as non-oil exports rose 6% y-o-y to USD 7.44 bn in 1Q2021 despite the impact of covid-19 on global trade, while imports increased 2% y-o-y to USD 16.99 bn.<\/p>\n

Chemicals and fertilizers accounted for the lion\u2019s share of our exports<\/strong>, clocking in at USD 1.53 bn during the quarter, followed by construction materials (USD 1.35 bn) and food industries (USD 965 mn), head of the General Organization for Import and Export Control Ismail Gaber said in a separate statement<\/a>.<\/p>\n

Our biggest export markets:<\/strong> Turkey, the US, Saudi Arabia, Italy, and Malta, which together received nearly 31% of our exports during the first three months of the year, worth a combined USD 2.28 bn.<\/p>\n

What about the CBE figures?<\/strong> Central Bank of Egypt (CBE) data on Egypt\u2019s trade balance performance don\u2019t line up with the figures from the Trade and Industry Ministry, which is a normal discrepancy because of how the two bodies calculate imports and exports, ministry spokesperson Yasser Gaber told Enterprise. According to Gaber, the ministry\u2019s data is based on activity at Egypt\u2019s ports, while the CBE relies on bank transfers. However, not all import and export payments are processed through bank transfers, Gaber noted.<\/p>\n

Background:<\/strong> CBE figures released last week<\/a> indicated that a rise in non-oil imports drove Egypt\u2019s trade deficit to widen 6.6% in 1H2020-2021. Exports grew slightly during the first six months of the fiscal year by USD 131.5 mn y-o-y to record USD 9.3 bn. In 2020, non-oil trade deficit<\/a> narrowed 17% y-o-y due to lower imports.<\/p>\n","protected":false},"excerpt":{"rendered":"

Egypt\u2019s non-oil trade deficit remained essentially flat in 1Q2021, narrowing just 1% to reach USD 9.55 bn compared to USD 9.68 bn in 1Q2020, Trade and Industry Minister Nevine Gamea said in a statement. The slim drop in the deficit came as non-oil exports rose 6% y-o-y to USD 7.44 bn in 1Q2021 despite the […]<\/p>\n","protected":false},"author":1,"featured_media":561725,"comment_status":"closed","ping_status":"open","sticky":false,"template":"single-feature.php","format":"standard","meta":{"_acf_changed":false,"newspack_ads_suppress_ads":false,"newspack_popups_has_disabled_popups":false,"newspack_sponsor_sponsorship_scope":"","newspack_sponsor_native_byline_display":"inherit","newspack_sponsor_native_category_display":"inherit","newspack_sponsor_underwriter_style":"inherit","newspack_sponsor_underwriter_placement":"inherit","ep_exclude_from_search":false,"_primary_brand":0,"newspack_featured_image_position":"","newspack_post_subtitle":"","newspack_article_summary_title":"Overview:","newspack_article_summary":"","newspack_hide_updated_date":false,"newspack_show_updated_date":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[7206],"tags":[104,72],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-561724","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-economy","tag-economy","tag-enterpriseam","wpautop","entry"],"acf":{"mongo_id":"8958e1a4-22e8-4f5e-b53f-0b998950bfe9","is_powered_by":true,"story_type":"1","photo_url":"https:\/\/ent.news\/2021\/4\/187.jpg","photo_position":"above","related_issue":[561711],"teaser":"","voice_url":""},"yoast_head":"\nTrade deficit remains flat 1Q2021 - EnterpriseAM Egypt<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/enterpriseam.com\/egypt\/2021\/04\/19\/trade-deficit-remains-flat-1q2021\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Trade deficit remains flat 1Q2021\" \/>\n<meta property=\"og:description\" content=\"Egypt\u2019s non-oil trade deficit remained essentially flat in 1Q2021, narrowing just 1% to reach USD 9.55 bn compared to USD 9.68 bn in 1Q2020, Trade and Industry Minister Nevine Gamea said in a statement. The slim drop in the deficit came as non-oil exports rose 6% y-o-y to USD 7.44 bn in 1Q2021 despite the […]\" \/>\n<meta property=\"og:url\" content=\"https:\/\/enterpriseam.com\/egypt\/2021\/04\/19\/trade-deficit-remains-flat-1q2021\/\" \/>\n<meta property=\"og:site_name\" content=\"EnterpriseAM Egypt\" \/>\n<meta property=\"article:published_time\" content=\"2021-04-19T03:46:59+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/i0.wp.com\/ent.news\/2021\/4\/187.jpg?fit=%2C&ssl=1\" \/>\n<meta name=\"author\" content=\"enterpriseam admin\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"enterpriseam admin\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"1 minute\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\/\/enterpriseam.com\/egypt\/2021\/04\/19\/trade-deficit-remains-flat-1q2021\/#article\",\"isPartOf\":{\"@id\":\"https:\/\/enterpriseam.com\/egypt\/2021\/04\/19\/trade-deficit-remains-flat-1q2021\/\"},\"author\":{\"name\":\"enterpriseam admin\",\"@id\":\"https:\/\/enterpriseam.com\/egypt\/#\/schema\/person\/ca597032db7e4db868359c123cec256d\"},\"headline\":\"Trade deficit remains flat 1Q2021\",\"datePublished\":\"2021-04-19T03:46:59+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\/\/enterpriseam.com\/egypt\/2021\/04\/19\/trade-deficit-remains-flat-1q2021\/\"},\"wordCount\":289,\"publisher\":{\"@id\":\"https:\/\/enterpriseam.com\/egypt\/#organization\"},\"image\":{\"@id\":\"https:\/\/enterpriseam.com\/egypt\/2021\/04\/19\/trade-deficit-remains-flat-1q2021\/#primaryimage\"},\"thumbnailUrl\":\"https:\/\/i0.wp.com\/ent.news\/2021\/4\/187.jpg?fit=%2C&ssl=1\",\"keywords\":[\"economy\",\"EnterpriseAM\"],\"articleSection\":[\"Economy\"],\"inLanguage\":\"en-US\"},{\"@type\":\"WebPage\",\"@id\":\"https:\/\/enterpriseam.com\/egypt\/2021\/04\/19\/trade-deficit-remains-flat-1q2021\/\",\"url\":\"https:\/\/enterpriseam.com\/egypt\/2021\/04\/19\/trade-deficit-remains-flat-1q2021\/\",\"name\":\"Trade deficit remains flat 1Q2021 - 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Central bank figures released last month showed non-oil exports rose to USD 5.3 bn in 1Q2021. Accounting for\u2026","rel":"","context":"In "Trade"","block_context":{"text":"Trade","link":"https:\/\/enterpriseam.com\/egypt\/category\/trade\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2021\/7\/231.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":636412,"url":"https:\/\/enterpriseam.com\/egypt\/2024\/07\/31\/non-oil-trade-deficit-declines-16-in-1h-2024\/","url_meta":{"origin":561724,"position":1},"title":"Non-oil trade deficit declines 16% in 1H 2024","author":"enterpriseam admin","date":"31 July 2024","format":false,"excerpt":"The improvement was attributed to a 9.8% increase in exports and a 3.3% decrease in imports","rel":"","context":"In "Economy"","block_context":{"text":"Economy","link":"https:\/\/enterpriseam.com\/egypt\/category\/economy\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2024\/7\/2578.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":543491,"url":"https:\/\/enterpriseam.com\/egypt\/2022\/02\/03\/record-quarter-for-exports-and-imports\/","url_meta":{"origin":561724,"position":2},"title":"Record quarter for exports (and imports)","author":"enterpriseam admin","date":"3 February 2022","format":false,"excerpt":"Egypt\u2019s balance of payments recorded an overall surplus of USD 311.4 mn in 1Q2021-22 (which ended in September 2021), compared to a deficit of USD 69.2 mn during 1Q2020-21 (ending September 2020), thanks to strong tourism, Suez Canal, and remittances receipts. \u201cThis improvement proved the ability of the Egyptian economy\u2026","rel":"","context":"In 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