The Ministry of Trade and Industry revealed a decrease in the trade balance deficit in Egypt by $5.570 billion, equivalent to 35 percent, during the first four months of this year, compared to the same period last year.
According to the ministry, non-oil merchandise imports to Egypt witnessed a significant decrease by 24 percent during the first four months of this year, reaching $18.797 billion, compared to $24.580 billion during the same period last year.
In this context, Minister of Commerce Nevin Gamea said that "these indicators are the result of a package of measures taken by the country to deal with the repercussions of the emerging Coronavirus, which has negatively affected the international trade movement."
On the other hand, Egyptian exports also recorded a slight decrease during the first four months of this year by two percent compared to the same period last year, as a result of directing a large part of the factories’ productivity to meet the needs of the local market as an alternative to imported products.
Source (Al-Khaleej Newspaper-UAE, Edited)