Egypt’s trade deficit narrowed by 28.7 percent year-on-year (YoY) in July, according to data released by the Central Agency for Public Mobilization and Statistics (CAPMAS) on Tuesday.
The monthly bulletin revealed that the value of the trade balance deficit reached 2.7 billion dollars in July, against 3.8 billion dollars for the same month of the previous year.
The country’s exports rose 2.2 percent year-on-year in July to $3.13 billion from $3.07 billion in the same month a year earlier.
The value of imports fell 14.8% to $5.81 billion in July 2022 from $6.82 billion in July 2021.
Separately, Egypt and the United Arab Emirates announced the organization of a ceremony under the slogan “UAE and Egypt…One heart”.
The three-day event will be held in Cairo, the Egyptian capital, to celebrate the 50th anniversary of ties and brotherly relations between the UAE and Egypt.
Egyptian Prime Minister Mostafa Madbouly said his country was keen to highlight the depth of strategic ties with the United Arab Emirates and underscore the distinguished relationship that unites the two countries.
He further highlighted the cooperation between the two governments, as well as the political understanding and unified vision between the leaders of the two countries.
President Abdel Fattah al-Sisi issued a directive aimed at strengthening cooperation frameworks between the two countries, the prime minister added.
He said the government is looking forward to welcoming Emiratis to the celebrations.
“We reviewed during the cabinet meeting 50 years of distinguished and stable Emirati-Egyptian relations, which have been patronized by the President of the Egyptian State,” Deputy Sheikh Mohammed bin Rashid Al Maktoum said on Tuesday. -President of the United Arab Emirates, Prime Minister and Ruler of Dubai. .
“To celebrate and solidify these outstanding Arab fraternal bonds that have endured for 50 years, we have led the organization of special celebrations.”
Egypt’s Minister of Planning and Economic Development, Hala al-Said, highlighted the depth of Egyptian-Emirati relations in a range of political and economic areas, in addition to investment cooperation.