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.