Egypt releases $131B imported goods, products in 21 months

CAIRO - 26 July 2023: Egypt’s Ministry of Finance revealed the release of imported goods and products through various ports and customs outlets, with a total value of $131 billion over 21 months, until the end of June 2023.

 

The total value of goods is $136.4 billion, which means that there are goods worth $3.5 billion that have not been released yet due to the absence of delivery permits from the foreign source to the Egyptian importer, according to a statement issued by the Ministry of Finance, Wednesday.

 

The ministry clarified that the so-called "bulk goods" stored in warehouses within customs areas, such as petroleum, oils, fodder, corn, soybeans, and wheat, have not been released yet, and thus there are goods worth about $1.9 billion that are still undergoing customs clearance procedures.

 

"The customs release operations are carried out, giving priority to essential and food commodities, food manufacturing components, medicines, petroleum products, fuels, and all production requirements, in a way that contributes to securing the strategic stock of essential commodities for citizens in the local markets, thus supporting the state's efforts to maintain price stability," Minister of Finance, Mohamed Maait, said.

 

He added that the state has accomplished many customs targets to reduce the customs release time, minimize the costs of import and export operations, and stimulate investment amid the current global economic challenges."

 

The minister stated that the number of registration requests in the (ACI) system has exceeded 1.2 million requests since its implementation in October 2021, noting that the application of the Advanced Cargo Information (ACI) system has facilitated and expedited procedures, expanded pre-customs clearance for goods before reaching the ports, and prohibited the entry of substandard goods into the markets.