Egypt’s exports rose by 20% to $53.8 billion in 2022: PM

CAIRO – 18 January 2023: Egypt’s exports rose by 20 percent in 2022 to reach $53.8 billion, up from $45 billion in the previous year, Prime Minister Mostafa Madbouli said on Wednesday, citing preliminary data.

The Egyptian exports have maintained a rise in value over the past year despite challenges facing the industry in Egypt, added Madbouli in a press conference after the Cabinet’s weekly meeting.

Non-petroleum imports were been kept unchanged over the past year at around $80 billion, Madbouli added.

From 14 to 17 January, the government has released goods worth $4,8 billion stuck at ports, Madbouli said.

He affirmed that the state has managed to end the issue of the accumulated goods at ports, adding that goods currently at ports total $5.3 billion, including $3 billion goods that importers are still finalizing the procedures of their release.

Madbouli also reiterated that the government has a clear plan to secure dollars over 2023, which aims at filling any gap and preventing a dollar deficit.

The state’s plan in this regard comprises a large number of measures that the state will take during the coming period, Madbouli said, adding that these measures cannot be announced beforehand.

The Egyptian Cabinet announced a set of regulations earlier this month amid a shortage in foreign currency, including postponing projects that need US dollars and have not been started yet.

However, the Central Bank of Egypt (CBE) revealed on Tuesday that Egypt’s cash reserves cover 5.4 months of the foreign imports, which exceeds the measures of reserve adequacy according to international standards.

In a statement, the CBE said 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 added that Egypt has paid $2.5 billion of its foreign debt over November and December.