In March 2024, Egypt saw a notable shift in its trade balance, with a decrease in the value of exports and imports. According to data from the Egyptian Central Agency for Public Mobilization and Statistics (CAPMAS), the country’s trade balance deficit decreased by 23.2 percent year-over-year to $2.37 billion, marking a significant improvement from the previous year’s $3.09 billion deficit.
The value of exports fell by 10.9 percent in March 2024, totaling $3.57 billion. This decline was largely driven by a substantial drop in exports of fertilizers by 57.4 percent and crude petroleum by 49.9 percent. However, some goods saw an increase in export value compared to the previous year, including petroleum products (up by 130.3 percent), fresh fruits (up by 7.2 percent), ready-to-wear clothing (up by 14.2 percent), and various pastries and food preparations (up by 26.8 percent).
On the other hand, imports decreased by 16.2 percent year-over-year to $5.94 billion in March 2024. This decline was primarily attributed to decreases in imports of medicines and pharmaceuticals (down by 25.6 percent), organic and inorganic chemicals (down by 31.8 percent), and plastics in their initial forms (down by 31 percent). However, imports of certain goods saw an increase in March 2024 compared to the previous year, such as petroleum products (up by 44.5 percent), iron or solid raw materials (up by 17.7 percent), wheat (up by 15.8 percent), and natural gas (up by 12.4 percent).
These shifts in Egypt’s trade balance reflect the changing dynamics of its import and export markets. For more news and updates on logistics, visit the Economy Middle East website.
