Egypt’s trade balance deficit saw a significant reduction in October 2024, dropping to $3.66 billion from $4.36 billion in the same month of the previous year, marking a 16% decline. This improvement is attributed to a sharp increase in exports, which grew by 21.3%, reaching $4.07 billion compared to $3.35 billion in October 2023, according to data from the Central Agency for Public Mobilization and Statistics (CAPMAS).
The surge in export value was driven by significant gains in several key product categories. Petroleum products saw the largest increase, up by 121.5%, while crude oil exports rose by 31.7%. Ready-made garments and food preparations also experienced notable growth, with increases of 15.6% and 24.0%, respectively. However, certain exports did experience declines, including fertilizers, which dropped by 14.2%, pharmaceuticals, down by 36.6%, and flat-rolled iron and steel products, which saw a 56.0% decrease.
On the import side, Egypt’s imports increased slightly by 0.2%, totaling $7.73 billion in October 2024, up from $7.71 billion in the same month last year. This modest rise was driven by higher imports of petroleum products (up by 1.6%), natural gas (up by 382.7%), primary plastics (up by 12.5%), and organic and inorganic chemicals (up by 21.4%). However, there were declines in several import categories, including raw iron or steel materials (down by 8.8%), pharmaceuticals (down by 5.2%), and soybeans (down by 3.6%).
The latest trade figures underscore Egypt’s improving trade performance, with a strong export growth helping to offset the relatively stable import levels. The data suggests that the country’s economic reforms and export diversification strategies are yielding positive results, contributing to a reduction in the trade deficit.
