Cairo, Egypt – Egypt's trade balance saw a positive trend in September 2023, with exports surging and imports increasing at a slower pace. However, the country's current account deficit widened significantly during the first nine months of the fiscal year.
According to data released by the Central Agency for Public Mobilization and Statistics (CAPMAS), Egypt's exports climbed 10.2% year-over-year to $3.46 billion in September. This growth was primarily driven by increased exports of petroleum products, ready-made garments, plastics, and miscellaneous food preparations. While some export categories, such as crude oil, fertilizers, and fresh fruits, experienced declines.
On the import side, Egypt's imports grew 16.9% year-over-year to $7.86 billion in September. The increase was attributed to higher imports of petroleum products, natural gas, plastics, and pharmaceuticals. However, imports of wheat, cars, corn, and iron and steel raw materials decreased during the same period.
As a result of the widening gap between imports and exports, Egypt's trade deficit in August 2023 reached $4.88 billion, up 21.3% from the previous year.
The Central Bank of Egypt (CBE) reported that the country's current account deficit surged to $17.1 billion during the first nine months of the fiscal year 2023/2024, compared to $5.3 billion in the same period of the previous year.
Egypt's economic outlook remains uncertain, with ongoing global economic challenges and domestic pressures affecting its trade balance and current account. The government will need to implement effective policies to boost exports, diversify its economy, and attract foreign investment to address these challenges.
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