| 19 April 2024, Friday |

Egypt’s trade balance deficit drops 28.7% in July

Egypt’s trade deficit declined by 28.7% year-on-year (YoY) in July, according to data released on Tuesday by the Central Agency for Public Mobilization and Statistics (CAPMAS).


The monthly bulletin revealed that the deficit value of trade balance reached $2.7 billion in July, down from $3.8 billion for the same month of the previous year.


The country’s exports increased by 2.2% YoY in July to $3.13 billion, versus $3.07 billion for the same month of the previous year.


The value of imports decreased by 14.8% to $5.81 billion during July 2022, versus 6.82 billion in July 2021.


Separately, Egypt and the United Arab Emirates announced organizing a ceremony under the slogan “UAE and Egypt… One Heart.”


The three-day event will be held at the Egyptian capital Cairo in celebration of the 50th anniversary of UAE- Egypt ties and brotherly relations.


Egypt’s Prime Minister Mostafa Madbouly said his country is keen to underline depth of the strategic ties with the UAE and highlight the distinguished relation that brings both countries together.


He further underscored the cooperation between the two governments, as well as the political understanding and unified vision between the two countries’ leaderships.


President Abdel Fattah al-Sisi has issued a directive to bolster cooperation frameworks between the two countries, the Premier added.


He said the government looks forward to welcoming the Emiratis at the celebrations.


“We reviewed during the cabinet meeting 50 years of distinguished and stable Emirati-Egyptian relations, which were sponsored by the president of the Egyptian state,” Sheikh Mohammed bin Rashid Al Maktoum, UAE Vice President, Prime Minister and Ruler of Dubai said on Tuesday.


“In celebration and consolidation of these exceptional brotherly Arab ties spanning 50 years, we have directed the organization of special celebrations.”


Egypt’s Minister of Planning and Economic Development Hala al-Said underscored the depth of Egyptian-Emirati relations in a range of political and economic areas, in addition to investment cooperation.

  • Asharq Al-Awsat