The trade balance deficit decreased in August to $3.31bn, down from $4.52bn during the same month last year, marking a drop of 26.7%, according to the Central Agency for Public Mobilization and Statistics (CAPMAS).
The report noted that the value of exports increased by 17.0%, as it reached $2.17bn during August 2017 versus $1.86bn in the same month of the previous year. The export gains are due to the decrease in value of some commodities, such as crude oil, which has fallen by 9.5%, garments by 20.9%, plastic in primary forms by 120.6%, and fertilizers by 68.3%.
Meanwhile, exports of certain other commodities decreased in August 2017 year-on-year. CAPMAS said these exports include dairy products, which were down by 4.5%, fresh fruits by 14.3%, furniture by 19.6%, medicines and pharmaceutical by 0.7%.
Meanwhile, the overall value of imports decreased by 14.0%, bringing in $5.48bn during August 2017, versus $6.38bn in the same month of the previous year. This is due to the decrease in value of some commodities, including raw materials like iron and steel by 20.1%, meat by 1.8%, medicines and pharmaceutical preparations by 29.7%, and cars by 33.5%.
Moreover, CAPMAS stated that imports of other commodities increased in August 2017 y-o-y, such as petroleum products by 3.9%, wheat by 10.0%, and plastics in primary forms by 3.7%.