Egypt’s non-oil trade deficit decreases 10.6 percent, exports rise 1.2 percent

Egypt’s non-oil trade deficit reached $9.3 billion during the fourth quarter of 2023, compared to about $10.4 billion during the same period of the previous year. This decrease of 10.6 percent is due to the decrease in the value of non-oil imports into the country. This came in the 12th issue of the ‘Non-Petroleum Commodities Exports’ report issued by the cabinet’s Information and Decision Support Center (IDSC).

The report also noted an increase in the value of Egypt’s non-oil exports by about 1.2 percent in Q4 of 2023. Non-oil exports were recorded at $8.7 billion compared to $8.6 billion during the same quarter of 2022.

Meanwhile, the value of non-oil imports reached $18 billion during Q4 of 2023, compared to about $19 billion during the same quarter of 2022. This 5.3 percent decline reduced the non-oil trade deficit in Egypt to $9.3 billion.

Most prominent trading partners

IDSC’s report revealed that China ranked first as Egypt’s most prominent trading partner. The volume of trade exchange between China and Egypt reached $3.4 billion during the fourth quarter of 2023. Turkey came next with trade exchange amounting to $1.5 billion.