Egyptian MP demands ban of Ramadan imports in 2024 due to foreign currency shortage

CAIRO – 14 January 2024: Member of the House of Representatives Ashraf Amin demanded the government to ban the import of Ramadan products that are dried fruits and lamps given the shortage in foreign currency the country is enduring pointing out that the bill of such goods amounted to $30 million in 2023.

Egypt’s exports declined 22 percent during the first nine months of 2023, recording $30.8 billion, compared to $39.4 billion during the same period of 2022, according to data from the Central Agency for Public Mobilization and Statistics (CAPMAS). 

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.

Egypt is striving to boost its exports and reduce imports to improve its foreign currency reserves, which have been in short supply since the onset of the Russo-Ukrainian crisis in late February 2022.

To ease pressure on the dollar, the government implemented some restrictions on imports, exempting essential goods and crucial production requirements for local manufacturing.

Until the end of September 2023, the government released goods and commodities from Egyptian ports, with a total value of $53.7 billion. 

Meanwhile, the government provides support to exporters to encourage them to enhance their exports. Most of the support is concentrated in the "Export Support" program implemented by the Ministry of Finance, which stated that it has disbursed over LE 50 billion to companies since 2019.