Egypt’s exports rise 0.8% in April, reaching $3.3bn

Egypt’s petroleum, clothing, pastes, and food preparation exports led the country to a 0.8 percent year-on-year increase in foreign trade for April, reaching approximately $3.3 billion, according to official data.

The rise contributed to a 2.5 percent narrowing of the nation’s trade deficit, which stood at around $2.7 billion for the same period, as reported by Egypt’s Central Agency for Public Mobilization and Statistics.

The sectors showing significant growth included petroleum products, which saw a 16.3 percent increase, ready-made garments, which rose 31.4 percent, and pastes and food preparations, which surged by 45 percent.

Additionally, pharmaceuticals and pharmacy products experienced an increase of 64 percent.

The rise in exports in April came after Egypt saw its current account deficit widen significantly in the first nine months of the fiscal year 2023-2024, which ended on June 30.

The deficit reached $17.1 billion, compared to $5.3 billion in the corresponding period of the previous year, according to the latest figures from the Central Bank of Egypt.

This performance was driven by the shift of the oil-trade balance into a deficit of $5.1 billion from a surplus of $1.7 billion. The CBE attributed this change to the decline in the value of oil exports, outpacing the decrease in oil imports.

The nation aims to turn its economy around by bolstering exports across all sectors to diverse global markets.

This effort emphasizes collaboration between government entities, business communities, and Egyptian exporters to enhance product quality and competitiveness.

This also supports Egypt’s target of achieving $100 billion in annual merchandise exports in the next three years to defuse its trade deficit.

The value of exports for some commodities decreased in April, including fresh fruits by 6 percent, fertilizers by 35.6 percent, primary forms of plastics by 4 percent, and crude oil by a substantial 67.6 percent.

On the import side, the overall value saw a slight decline of 0.7 percent, amounting to $5.97 billion. Egypt’s Central Agency for Public Mobilization and Statistics attributed this decrease to a reduction in the value of imports for several key goods.

Primary forms of plastics saw an 11.4 percent price reduction, while organic and inorganic chemicals dropped 17.4 percent, pharmaceuticals and pharmacy preparations fell 9.4 percent, and corn imports plummeted 33.1 percent.

Imports of other commodities experienced significant increases, including imports of petroleum products, which surged by 32.5 percent, wheat by 45.2 percent, primary iron or steel materials by 28.6 percent, and natural gas by 30.7 percent.