18 Aug 2022

CAPMAS (The Central Agency for Public Mobilization & Statistics) released foreign trade data for May 2022. The figures indicated that Egypt’s trade deficit decreased by an impressive 36% YoY in May 2022, dropping to USD2.6bn. Exports increased by over 18% YoY, while imports went up by 11%. Exports rose on increases in petroleum and LNG products, up 44%, crude oil up 31%, fertilizers up 34%, and ready-made garments up 48%. As for imports, their rise was driven by crude oil, up 9%, petroleum products up 24%, plastics in primary form up 18%, and medicines & pharmaceuticals up 17%. (Sources: Zawya (English) (Arabic), al-Ahram (English) (Arabic), Daily News Egypt (English), Business Today Egypt (English), al-Maal, Amwal al-Ghad, Economy Plus, al-Youm al-Saabe, al-Masry al-Youm, al-Shurouk, al-Dustour, Masrawy, CNBC Arabia, Forbes Middle East, al-Arabiya, Sky News Arabia, Euronews)