The trade balance deficit in May decreased to $2.32bn, down from $4.14bn in May 2016, marking a drop of 43.8%, according to the Central Agency for Public Mobilization and Statistics (CAPMAS).
The agency stated in its monthly bulletin issued on Monday on the foreign trade statistics that the value of Egyptian exports climbed in May 2017 by 8.8% to reach $2.28bn, up from $2.09bn in May 2016.
It attributed the increase to the hiking value of some exports, including crude oil by 53.7%, ready-made garments by 20.4%, and fertilisers by 82.6%.
Meanwhile, the value of some exports declined in May 2017 compared to May 2016, including fresh oranges by 4.9%, food commodities by 10.7%, fresh fruits by 53.3%, and furniture by 7.3%.
CAPMAS noted that the value of imports decreased by 26.1% as it reached $4.60bn during May 2017, compared to $6.23bn for the same month of the previous year as a result of the decrease of value of some commodities, such as petroleum products by 12.1%, primary forms of iron or steel by 39.8%, plastic by 25.7%, and medications and pharmaceuticals by 15.2%.
Yet, imports of some commodities increased in May 2017 versus May 2016, such as wheat by 19%, pipes, iron, and steel equipment by 51.2%, and soybean by 40.9%.