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Egypt’s Trade Deficit Declines by 16.6%

A ship carrying containers passes through the Egyptian Suez Canal (Suez Canal website)
A ship carrying containers passes through the Egyptian Suez Canal (Suez Canal website)
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Egypt’s Trade Deficit Declines by 16.6%

A ship carrying containers passes through the Egyptian Suez Canal (Suez Canal website)
A ship carrying containers passes through the Egyptian Suez Canal (Suez Canal website)

Egypt’s trade balance deficit declined by 16.6 percent to $3.15 billion in October 2023, compared to $3.78 billion in the same month of 2022.
The Central Agency for Public Mobilization and Statistics (CAPMAS) said in a statement on Thursday that the value of exports declined 19.2 percent on an annual basis to $3.23 billion in October 2023.
It added that this drop was driven by a decline in the value of exports of natural and liquefied gas by 95.8 percent, petroleum products by 43.6 percent, and plastics in their primary forms by 21.4 percent.
Imports fell 18 percent to $6.38 billion in October compared to $7.78 billion a year ago.
Meanwhile, an economic survey showed that non-oil private sector activity in Egypt contracted in December for the 37th month, as the weak currency and import restrictions continue to hamper business activities, but confidence about future production has rebounded from a record low level.
The Standard & Poor’s Global Purchasing Managers’ Index in Egypt rose to 48.5 from 48.4 in November, but remained below the 50.0 level, which indicates growth in activity.
The production sub-index fell to 46.7 from 47.2, similarly indicating that higher prices led to a decline in customer demand.
Business confidence rose again in December after falling in November to the lowest level since the launch of the business confidence sub-index in 2012. The sub-index increased to 55.1 from 50.9 in November.

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Business

Oil Prices Steady as Markets Weigh Demand against US Inventories

FILE - Pump jacks extract oil from beneath the ground in North Dakota, May 19, 2021. (AP Photo/Matthew Brown, File)
FILE - Pump jacks extract oil from beneath the ground in North Dakota, May 19, 2021. (AP Photo/Matthew Brown, File)
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Oil Prices Steady as Markets Weigh Demand against US Inventories

FILE - Pump jacks extract oil from beneath the ground in North Dakota, May 19, 2021. (AP Photo/Matthew Brown, File)
FILE - Pump jacks extract oil from beneath the ground in North Dakota, May 19, 2021. (AP Photo/Matthew Brown, File)

Oil prices were little changed on Thursday as investors weighed firm winter fuel demand expectations against large US fuel inventories and macroeconomic concerns.

Brent crude futures were down 3 cents at $76.13 a barrel by 1003 GMT. US West Texas Intermediate crude futures dipped 10 cents to $73.22.

Both benchmarks fell more than 1% on Wednesday as a stronger dollar and a bigger than expected rise in US fuel stockpiles pressured prices.

"The oil market is still grappling with opposite forces - seasonal demand to support the bulls and macro data that supports a stronger US dollar in the medium term ... that can put a ceiling to prevent the bulls from advancing further," said OANDA senior market analyst Kelvin Wong.

JPMorgan analysts expect oil demand for January to expand by 1.4 million barrels per day (bpd) year on year to 101.4 million bpd, primarily driven by increased use of heating fuels in the Northern Hemisphere.

"Global oil demand is expected to remain strong throughout January, fuelled by colder than normal winter conditions that are boosting heating fuel consumption, as well as an earlier onset of travel activities in China for the Lunar New Year holidays," the analysts said.

The market structure in Brent futures is also indicating that traders are becoming more concerned about supply tightening at the same time demand is increasing.

The premium of the front-month Brent contract over the six-month contract reached its widest since August on Wednesday. A widening of this backwardation, when futures for prompt delivery are higher than for later delivery, typically indicates that supply is declining or demand is increasing.

Nevertheless, official Energy Information Administration (EIA) data showed rising gasoline and distillates stockpiles in the United States last week.

The dollar strengthened further on Thursday, underpinned by rising Treasury yields ahead of US President-elect Donald Trump's entrance into the White House on Jan. 20.

Looking ahead, WTI crude oil is expected to oscillate within a range of $67.55 to $77.95 into February as the market awaits more clarity on Trump's administration policies and fresh fiscal stimulus measures out of China, OANDA's Wong said.