Egypt releases $1.7B goods from ports in 10 days, prioritizing essential commodities

CAIRO - 13 March 2024: The Egyptian Customs released goods worth $1.7 billion during the first 10 days of March, according to a statement from the Ministry of Finance on Wednesday.

 

"During the past 10 days of March, there has been an increase in the release rates of basic goods and directly supportive production requirements for the industry," the Finance Minister, Mohamed Maait, said.

 

"We are working with all state agencies to expedite the immediate release of goods and commodities at various ports," Maait added.

 

Maait pointed out that there is continuous coordination between customs and representatives of relevant authorities, including the General Authority for Export and Import Control, the National Food Safety Authority, the Agricultural Quarantine, and Health Quarantine, among other inspection bodies.

 

Maait emphasized that the priority is always given to basic and food commodities, pharmaceuticals, fodder, and directly supportive production requirements for the industry.

 

On March 7 and 8, the Egyptian Customs authorized the release of commodities from Egypt’s ports worth $780 million, according to Shahat Ghatouri, Head of Egyptian Customs Authority, in an interview with Asharq Bloomberg. 

 

The goods were distributed as follows: $280 million on Thursday, March 7, and $500 million on Friday, March 8.

 

He also revealed that the accumulated value of goods currently held in Egyptian ports, including petroleum products, stands at approximately $6 billion. 

 

Furthermore, Ghatouri, while visiting Alexandria Port today to oversee the release of goods and merchandise in various ports, mentioned that the total value of goods released from Egypt's ports since the beginning of January has surpassed $12 billion. 

 

Prime Minister, Mostafa Madbouly, in a recent press conference at Alexandria Port, assured the public that the Central Bank of Egypt (CBE) would have the capability to meet future dollar demands. This statement aimed to allay concerns and restore confidence in the Egyptian economy. 

 

Madbouly emphasized the government's dedication to securing foreign currency, with priority given to vital sectors such as food, medicine, fodder, petroleum products, raw materials, and industrial production requirements.