The deficit in the trade balance during the first seven months of this year amounted to about $21.3bn, down from $28.7bn in January to July 2016, according to the Central Agency for Public Mobilization and Statistics (CAPMAS).
In a report obtained by Daily News Egypt, the agency said that the total value of Egyptian exports increased during the first seven months of 2017 to $14.8bn, versus $12.5bn in the same period last year.
On the other hand, Egypt’s imports during the period from January to July 2017 registered $36.2bn, compared to $41.3bn in a year-on-year (y-o-y) basis, down by $5.1bn.
Industry supplies, fuel, and capital goods came at the top of the goods imported by Egypt during the first seven months of 2017, where industrial supplies worth $12.112bn were imported in this period, next to $4.96bn of imported fuel and oils, as well as capital goods, excluding transport, worth $3.714bn.
Of the most important commodities imported during the first seven months of 2017 came animal food ($86.2m), soap and detergents ($90.3m), footwear ($47.7m), and toys ($30.9m).
Moreover, live and meat of cattle, buffalo, and fish worth $1.017bn were imported in that period, compared to $1.655bn y-o-y.
CAPMAS noted that Egypt’s imports of live cattle and buffalo declined to $38m in the first seven months of the year, down from $81m in the same period last year, while imports of meat dropped to $640.2m, down from $1.1bn.
The value of fish imports fell to $339.7m in that period, down from $474.3m in the same months of 2016.
In the same context, the figures revealed that processed industry supplies, primary food commodities for consumption, fuel, and crude oil were among the top exports from Egypt in the first seven months of the year.
CAPMAS noted that Egypt’s exports of processed industry supplies in that period amounted to $6.105bn, while exports of primary food commodities for consumption reached $1.616bn, while fuel and crude oil exports marked $1.225bn.
Meanwhile, Egypt’s exports of passenger cars during the first seven months of 2017 amounted to $1m only.
With regard to Egypt’s foreign trade during July alone, CAPMAS said that the trade balance deficit scored $3.5bn, down by 1.7% from $4.10bn in July 2016.
The agency explained that the value of exports increased by 17.9%, reaching $1.92bn in July 2017, compared to $1.63bn in July 2016.
The agency attributed this increase to the increase in the value of exports of some commodities, the most important of which are garments (3.8%), fertilisers (115.8%), fresh fruits (102.1%), food products (6.4%), plastic in primary form (13.4%).
Meanwhile, CAPMAS stated that imports of some commodities declined in July y-o-y, including crude oil (35.4%), plastics (1.4%), soaps and detergents (40.4%), and products of rolling of iron or steel (29.7%).
Imports declined during July by 5.4%, reaching $5.42bn, compared to $5.73bn in July 2016.
CAPMAS attributed the decline to the decreased value of some imports, including raw materials of iron or steel (10.4%), organic and non-organic chemicals (11.1%) meat (33.5%), and passenger cars (29.8%).
Finally, CAPMAS noted that the value of some imports increased in July this year compared to the same month last year, such as petroleum products (1.2%), plastics in primary form (15.7%), pharmaceuticals and pharmaceutical preparations (20.7%), and pipes and their supplies of iron or steel (95.4%).