The Clap The trade balance deficit decreased in February by 29.4% YoY, recording $2.7 billion.
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 trade balance deficit decreased after Egypt’s exports increased by 41% YoY. This is due to a significant increase in the prices of textile exports, which increased by 76%, and potato exports, which increased by 57%.
Imports also increased, but only by 1.2% YoY, recording $6.82 billion in February 2022. This is mainly due to the increase in oil imports by 81% and raw materials for iron and steel imports by 62%.
Why this matters February represents the second budget deficit decrease in a row after it decreased in January by 32.2% YoY.