Imports
The decline was attributed to a slight increase in Egyptian exports which was up by 0.8 percent to reach $3.29 billion compared to $3.26 billion recorded in April 2023
Trade between Egypt and G7 countries dipped in 2023, dropping by 17% to around $26 billion, reported the Central Agency for Public Mobilization and Statistics (CAPMAS) on Thursday
Exports and imports recorded $13.6 billion and $12.4 billion, respectively.
In an effort to strengthen its position in the global grain market, the Egyptian Holding Company for Silos and Storage (EHCSS) has initiated discussions with the Russian government regarding the establishment of a grain center in Egypt's East Al-Tafria area in Port Said, Al-Moselhi added.
Remittances from Egyptians abroad also increased by 2.6 percent compared to the immediately preceding month, March 2024, during which they recorded about $2.1 billion, as a result of the economic decisions on March 6, 2024.
Minister of Finance Mohamed Mait considered subsidizing fuel a "crime."
During the first quarter of FY2023/2024 (July – September 2023), Egypt’s foreign trade volume hit $24.595 billion, dropping by around 18 percent compared to the first quarter of FY2022/2023
She noted that in spite of the anticipated economic growth deceleration in 2024 due to Middle East conflicts, the rate is projected to surpass regional average.
The data from CAPMAS revealed that the value of exports experienced a decline of 15.6 percent during January 2024, amounting to $3.46 billion, compared to $4.10 billion in January 2023.
IDSC's data revealed that China emerged as Egypt's most significant trading partner, with a trade exchange volume of $3.4 billion during Q4 of 2023.
Italy and India were noteworthy as well, as Egypt imported goods worth $3.2 billion each from these countries. Additionally, Brazil's imports amounted to $3 billion, while Turkey and Kuwait had imports valued at $2.8 billion and $2.7 billion, respectively.
During December 2023, the value of Egypt's exports declined by 23.0 percent, to record $3.48 billion, in contrast to $4.52 billion in the same month of 2022.
The bill of such goods amounted to $30 million in 2023.
The total size of trade exchange between Egypt and other African countries recorded during that period $2.117 billion.
The Egyptian exports of processed food recorded $4.7 billion in January-November 2023 achieving growth of 15 percent ($628 million).
CAPMAS added that the country’s imports decreased by 21 percent on a yearly basis, totaling $58.5 billion, compared to $74 billion for the same period in 2022.
The largest leap was a staggering 152.7 percent in natural gas (NatGas) and liquefied natural gas (LNG) exports, soaring to $9.90 billion during January-December 2022, compared to $3.90 billion in 2021
Egyptian authorities have placed an emphasis on accelerating the release of goods, particularly basic commodities, as part of efforts to curb inflation and rising prices
Exports from Egypt declined by 1.9 percent to reach $3.36 billion during August 2023, compared to $3.43 billion reported in August of last year
Egypt’s exports declined by 10.9 percent, recording $3.10 billion in July, compared to $3.47 billion in the same month of the previous year, according to the monthly report on external trade data.
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