The deficit in the trade balance reached $2.1bn in February 2017, compared to $4.7bn during the same month of the previous year—a decrease of 56%—according to the monthly bulletin of the foreign trade statistics, issued on Saturday by the Central Agency for Public Mobilization and Statistics (CAPMAS).
The value of exports increased by 22.1% in February 2017, reaching $2bn, compared to $1.6bn during the same month of the previous year, as a result of the increase in the value of some commodities, such as fertilisers, which have increased by 173.8%, crude oil by 104.6%, fresh oranges by 3.9%, and ready-made clothes by 2.8%.
The exports of some commodities decreased in February, including dairy products by 24.1%, carpets and rugs by 17.8%, pastries and food preparations by 5.9%, and furniture by 3.2%.
The value of imports decreased by 35.8%, reaching $4.1bn during February 2017, compared to $6.4bn for the same month in 2016, as a result of the increase of the value of some commodities, such as the primary forms of iron and steel by 53.7%, plastics in their primary forms by 13.8%, organic and non-organic chemicals by 22.3%, and wheat by 11.5%.
Imports of some commodities witnessed an increase in February 2017 compared to last year, with crude oil increasing by 49.3%, petroleum products by 37.6%, medicine and pharmaceutical goods by 4.6%, and iron and steel tubes by 4.4%.