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40% decline in Egypt’s commodity imports in January

February 21, 2024 at 12:37 pm

Farmers harvest wheat to increase local wheat production in order to fill the wheat shortage in the country in Al Minufiyah, one of the important grain production centers of Egypt on May 14, 2022 [Mohamed Abdel Hamid – Anadolu Agency]

Egypt’s commodity imports declined by 40 per cent in January, reaching $4.476 billion compared to $7.520 billion during the same month in 2023, given the dollar scarcity crisis and import restrictions imposed by the government to reduce the trade deficit.

The Minister of Trade and Industry, Ahmed Samir, said yesterday: “Egypt’s commodity exports witnessed substantial growth in January, surpassing $3 billion, a significant rise from the $2.8 billion recorded in January 2023, resulting in a decline in trade deficit.”

He noted that, “the deficit plummeted to $1.464 billion, compared to the $4.634 billion in the corresponding month of 2023.”

Samir added that the latest report from the General Authority for Export and Import Control, which detailed Egypt’s foreign trade performance in January, identified Turkiye as the top market for Egyptian exports, with a value of $292 million, followed by Saudi Arabia at $263 million, Italy at $173 million, the UAE at $169 million, the US at $168 million and Libya at $162 million.

He noted that the main export sectors that shaped Egypt’s trade landscape in January included construction materials, agricultural products, chemicals and fertilisers, food industries, engineering and electronic goods, ready-made garments and textiles.

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