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Egyptian trade balance deficit fell to $2.69 billion in March

Egyptian trade balance deficit

The Egyptian trade balance deficit decreased last March by 25.2% on an annual basis, amid a rise in exports at a higher rate than imports, according to official data.

The Central Agency for Public Mobilization and Statistics said in a statement that the trade balance deficit fell to $2.69 billion in March, compared to a deficit of $3.59 billion in the same month of 2020.

According to the data, Egyptian exports rose by 43.5% on an annual basis, to $3.41 billion, from $2.38 billion in the same month a year ago.

Egyptian trade balance deficit

The growth of exports is due to the increase in exports of medicines and pharmaceuticals by 54.2%, and ready-made clothes by 49.3%, in addition to the growth of exports of pastes and various food preparations by 18.4%, the data showed.

As for imports, they rose by 2.2% to $6.1 billion, from $5.97 billion in March 2020.

The data monitored a growth in petroleum products imports by 92.5%, passenger cars by 73.9%, and medicines and pharmaceutical preparations by 9.7%.

The Egyptian economy

The Egyptian economy is also trying to recover from the repercussions of the Coronavirus pandemic, which affected large sectors, including trade, industry and tourism.

The International Monetary Fund had said that the Egyptian economy showed resilience during the Coronavirus crisis, as the Egyptian authorities has made quick and balanced responses to these repercussions.

IMF said a mission it sent completed the second review of the credit readiness program for Egypt and the Article IV consultations that member countries are subject to.

The Fund added that a mission from the IMF reached an expert-level agreement with the Egyptian authorities to complete the second and final review of the credit readiness program.

The statement indicated that a team of International Monetary Fund experts led by Celine Aller, held, via an electronic platform from 4 – 24 May, discussions with the Egyptian authorities.

The mission also held discussions within the framework of the 2021 Article IV consultations with Egypt and the second review of the performance of the Egyptian economic program, which is supported by the Fund with a 12-month stand-by agreement at a value of $5.2 billion.

Upon approval of the latest revision, Egypt will have an additional $1.6 billion available.

Egypt had disbursed $3.6 billion so far from the value of the loan.

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