Egypt’s imports dipped during November 2022 by 26.8 percent, to reach $5.94 billion, down from $8.11 billion during November 2021.
The government is looking to expand the production of crude oil locally by increasing the cultivation of oil crops, by providing the required seeds, as well as encouraging contract farming with the aim of providing products to citizens.
The total value of trade between the two countries grew by 90.8 percent.
Egyptian imports from the United States of America witnessed a remarkable increase during the first 10 months of last year 2022, according to data from the Central Agency for Public Mobilization and Statistics.
The Egyptian exports to the US decreased 5.2 percent to reach $2 billion during the first 10 months of 2022, compared to $2.1 billion in the same period in 2021.
The Central Agency for Public Mobilization and Statistics (CAPMAS) released a report Tuesday on trade exchange between Egypt and India.
The Cabinet issued Monday a report on the furniture industry.
Egypt's cash reserves continued to rise for the fourth month in a row, to achieve an increase of more than $860 million during that period, reaching $34 billion at the end of December, compared to $33.53 billion at the end of November.
The CBE said in a statement that it decided to restore the documentary collections system for imported goods.
The trade balance deficit decreased to $33.5 billion in the first nine months of 2022 in comparison to $34.9 billion during the same period in 2021 with a 4 percent decrease.
The decrease in the deficit to an increase in exports during the month by 11.6 percent on an annual basis, to record $4.11 billion, and a decrease in imports by 16.4 percent on an annual basis, to a record of $6.55 billion.
The Central Agency for Public Mobilization and Statistics (CAPMAS) indicated details in a report Tuesday.
Egypt aims for doubling the value of its exports to become $100 billion per annum by rationalizing imports coupled with encouraging labor-intensive and strategic industries.
The government has exerted great efforts to support the Egyptian industry through different steps as part of the "Start" initiative.
Egyptian imports of tea have achieved a remarkable increase during the recent period, as the data of the Central Agency for Public Mobilization and Statistics monitored an increase in total imports during the first 8 months of this year 2022, compared to the same period in 2021.
The Central Agency for Public Mobilization and Statistics released a report Tuesday on trade between Egypt and fellow Nile Basin Countries in 2021.
Exports decreased 7.6 percent, recording $3.33 billion in August 2022, compared to $3.61 billion during the same month of 2021.
Transformative industries constitute 85 percent of Egypt's non-petroleum exports.
Head of the Export Council for Engineering Industries Sherif al-Sayad made the statements in a TV interview Saturday.
Member of "Start" initiative Aya Hossam El Din stated in a TV interview Saturday that the number of industrial projects launched within the initiative is 64.