Egypt's Trade Deficit Drops by 68%

Ahmed Samir, Minister of Trade and Industry announced that Egyptian merchandise exports achieved a significant growth rate during the month of January 2024, reaching $3.12 billion, compared to $2.887 billion, year-on-year, indicating that Egyptian merchandise imports witnessed a decline of 40%, as It reached $4.476 billion compared to $7.520 billion year-on-year (YOY).

The minister said that these positive indicators contributed to the decrease in the trade deficit by 68% during the month of January, as it reached one billion and 464 million dollars, compared to 4 billion and 634 million dollars during the same month last year.

This came in the context of the latest report the minister received from the General Authority for Export and Import Control on Egypt’s foreign trade movement during January 2024.

The report included the largest receiving markets for Egyptian exports during the month of January, which included Turkey with a value of $292 million, the Kingdom of Saudi Arabia with a value of $263 million, Italy with a value of $173 million, the United Arab Emirates with a value of $169 million, the United States of America with a value of $168 million, and Libya. With a value of $162 million.

The report also reviewed the export sectors that formed the structure of Egyptian exports during the month of January, which included building materials worth $624 million, agricultural crops worth $467 million, chemical products and fertilizers worth $421 million, food industries worth $408 million, and engineering and electronic goods worth $356. million dollars, ready-made clothing worth $258 million, and spinning and textiles worth $91 million,