The Clap
In June 2022, the trade deficit decreased YoY by 12.4%, to reach $3.2 billion, while the deficit in May 2022 was $2.61 billion.
Exports
The value of exports during June 2022 decreased by 3.3% YoY to reach $3.75 billion. The main reason is due to the decline in the export value of some commodities, most important of which are:
–Fertilizers down 20.9% YoY.
–Iron and Steel Products down 31.7% YoY.
Imports
The value of imports during June 2022 decreased by 7.7% YoY to reach $6.96 billion. The most prominent commodities whose import volume decreased:
–Soybeans, down 35.3% YoY.
In general, imports are greater than exports, leading to a deficit in the balance of trade.
Why this Matters
The government is trying to impose more restrictions on imports, in order to reduce the need for foreign currency.
Trade deficit down in June 2022 💪
