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Significant decline in Egyptian trade balance deficit

Egyptian trade balance

Egyptian trade balance deficit witnessed a noticeable decline during the month of September, on an annual basis.

The Central Agency for Public Mobilization and Statistics (CAPMAS) said that the trade balance deficit in September decreased by 22.5%, to reach $2.39 billion. This is compared to $3.08 billion in September 2020.

CAPMAS indicated that the value of exports increased by 36.6%, reaching $3.45 billion during last September. This is compared to $2.53 billion in the same month of the previous year.

Egyptian trade balance

CAPMAS attributed the increase in total exports to the increase in the value of fertilizer exports by 90.2%, and iron products by 57%.

The decrease in the deficit came in light of the increase in imports at a much lower rate than the value of exports, as imports increased by 4.2%, to reach $5.84 billion. This is compared to $5.61 billion in September 2020.

The value of some commodities’ imports also decreased, such as wheat by 30%, passenger cars by 22.3%, soybeans by 21.1%, and telephones by 40.3%.

In a related context, economic researcher Mohamed Negm said that the indicators and results of the Egyptian economy are very reassuring, explaining that since 2018, the debt has decreased due to the launch of national projects.

Negm pointed out that the net domestic and external public debt decreased due to the success of national projects.

The economic researcher stressed that the debts of foreign countries do not represent a danger if they do not exceed 60%.

Economic reform

On the other hand, Minister of Finance Mohamed Maait reviewed the Egyptian economic reform program, and the most important sources of national income in Egypt, such as remittances from Egyptians abroad, exports and tourism, explaining the method of preparing the state’s general budget in Egypt.

Maait said that the state has made unprecedented efforts during the past five years to develop the infrastructure of electricity, gas, and roads to create an attractive and encouraging environment for investment.

During his meeting with Dr. Migolo Nchampa, Minister of Finance of Tanzania, the minister affirmed Egypt’s keenness to enhance various aspects of cooperation with Tanzania, encourage dialogue and communication between the two countries’ ministries of finance, and provide Egyptian expertise in the areas of capacity building, mechanization of the tax and customs systems, and ways to integrate the informal economy.

The Tanzanian Minister of Finance praised the availability of a strong and distinguished infrastructure in Egypt, expressing his aspiration to benefit from the Egyptian experience in the field of financial reform, and to explore sources of financing from international markets.

He also praised the cooperation between the two countries in the construction of the Julius Nyerere Dam, which is being implemented by an alliance of Egyptian companies in Tanzania, explaining his country’s aspiration to attract more Egyptian investments in various economic sectors.

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