EGYPT: Egypt’s trade deficit narrowed by 47 percent y/y to US$2.32 billion in June, driven by plunging imports outweighing falling exports.
Overall imports fell by 38 percent y/y to US$5.23 billion in June due to year-on-year declines in imports of refined petroleum products (-37 percent), wheat (-9 percent), primary raw iron and steel (-42 percent) and corn (-42 percent). The erosion in some import items was partly offset by significant year-on-year surges in others in June, including natural gas (33.5 percent), passenger cars (30 percent), iron and steel pipes (77 percent) and raw iron and concentrates (10.6 percent).
Meanwhile, overall exports plunged by 27 percent y/y to US$2.9 billion in June driven lower by a year-on-year drop in exports of crude oil (-12 percent), fresh fruits (-32 percent), fertilisers (-39.5 percent) and ready-made garments (-20 percent). The fall in exports was partly offset by export growth in some items, including iron rods and wires (27 percent y/y), potatoes (11.5 percent y/y), dried fruits (77 percent y/y) and doughs and miscellaneous processed food inputs (21 percent y/y). (Bloomberg)