The Claps
Egypt’s trade deficit decreased by 32.3% in January 2022, recording $2.44 billion, compared to $3.60 billion in the same period of 2021.
Claps Class
Balance of trade is the difference between the monetary value of a country’s imports and exports. A trade deficit occurs when imports exceed exports, while a trade surplus is recorded when exports are more than imports.
The deets
The deficit’s decrease is attributed to the increase in exports by 34.5% in January 2022. This is mainly due to the increase in oil exports by 107%
Imports decreased by 2.2% compared to January 2021, driven by the decrease in wheat & corn imports by 42.6% & 37.1%, respectively.
Overall, total imports in January 2022 recorded $6.43 billion, compared to total exports of $2.44 billion.
