Data from the Central Agency for Public Mobilization and Statistics in the Arab Republic of Egypt showed, on Monday, that the country's trade balance deficit decreased by 12.4% during the month of June, recording $3.2 billion.
This decline came despite the decline in exports, on an annual basis, as the value of exports decreased by 3.3% to reach $3.75 billion at the end of last June, due to a decrease in exports of several sectors, especially fertilizers, by 20.9%.
Exports of pasta and food preparations decreased last June by 8.7%, flat-rolled products of iron or steel by 31.7%, and rods, rods, angles and wires of iron by 6.8%.
On the other hand, according to trade balance data, the value of exports of some commodities increased during the month of June 2022 compared to the same month of the previous year, the most important of which are: petroleum products, natural and liquefied gas by 49.4%, crude oil by 15.6%, ready-made clothes by 12.7%, and plastics in their primary forms. by 29.4%.
As for the value of imports, it declined last June by 7.7% to reach 6.96 billion dollars, compared to 7.54 billion dollars in the same month of the previous year. This is due to the decrease in the value of imports of some commodities, the most important of which are: raw materials of iron or steel by 2.7%, plastics in their primary forms by 9.9%, medicines and pharmaceutical preparations by 3.5%, soybeans by 35.3%.
This is despite an increase in wheat imports by 238.4%, petroleum products by 165.8%, and corn by 50.1%, according to the statistics statement on the Egyptian trade balance last June.
Egypt is the largest importer of wheat in the world, and relies heavily on imports to provide its needs for petroleum products, while both of them witnessed a significant increase in prices this year due to the Russian war.
The trade balance in Egypt declined last May by 35.8% on an annual basis, to reach $2.61 billion, compared to $4.06 billion in May of 2021, supported by an increase in exports and a decline in imports.
