Egypt’s trade deficit rose 8.8 percent during November 2018, recording $3.78 billion, compared to $3.47 billion in the same month of 2017, according to the state statistics agency CAPMAS.
In October, Egypt marked a trade deficit of $4.56 billion, compared to $3.5 billion in the same month of 2017, with an increase of 30.2 percent.
In its monthly bulletin on foreign trade data, CAPMAS said that exports hiked 1.9 percent to reach $2.33 billion in November 2018, compared to $2.29 billion during the month of 2017.
The bulletin attributed the increase of exports to the rise in the exports of crude oil by 16.8 percent, ready-made garments by 16.5 percent, and fertilizers by 19 percent.
Meanwhile, exports of some other commodities saw a decrease in November such as pasta and other food preparation which decreased by 12.3 percent, dairy products (by 6.8 percent), and furniture (by 22.9 percent).
As per imports, the bulletin showed an increase of 6.1 percent to hit $6.11 billion in November of the current year, compared to $5.76 billion in November 2017.
CAPMAS ascribed this hike to the increase in imports of raw materials of iron and steel products by 8.2 percent, Cars by 31.6 percent, wheat by 65.7 percent, and plastic by 12.5 percent.
On the other hand, imports of other commodities showed a decline such as wood and articles thereof by 11.3 percent, corn by 15.8 percent, petroleum products by 61.2 percent, and refined oils by 45.2 percent.
Egypt has been witnessing a drop in imports after it floated its currency in late 2016, making Egyptian goods in foreign markets attractively cheaper while doubling the cost of importing.
The Central Bank of Egypt (CBE) stated previously that Egypt’s exports marked an increase of $1.2 billion during the third quarter of 2017/2018, hitting $6.75 billion, compared to $5.55 billion in the same quarter of 2016/2017.