Egypt's Non-oil Trade Deficit Hits $9.3B in Q4 of 2023: IDSC

Egypt's non-oil trade deficit reduced by 10.6% during Q4 of 2023, according to a statement recently issued by the Information and Decision Support Center (IDSC). The deficit recorded was $9.3 billion, down from $10.4 billion in Q4 of 2022. 

The decline in the deficit was due to a decrease in the value of non-oil imports, which amounted to approximately $18 billion in Q4 of 2023, a 5.3% decrease from $19 billion in the same quarter of 2022. However, non-oil exports in Q4 of 2023 increased slightly by 1.2%, amounting to around $8.7 billion compared to $8.6 billion in 2022.

China was found to be Egypt's most significant trading partner, with a trade exchange volume of $3.4 billion during Q4 of 2023, followed by Turkey with a trade exchange volume of $1.5 billion. However, China also remained the leading contributor to Egypt's trade deficit in Q4 of 2023, amounting to $3.2 billion. Russia and Germany followed with deficits of $939.9 million and $921.9 million, respectively.

Additionally, the trade deficit between Egypt and China increased by $87.2 million in the last three months of 2023 on an annual basis. However, the trade deficit between Egypt and Russia witnessed a reduction of $282.6 million during the last three months of 2023.