Around $63B worth of goods released from ports in Egypt since Jan 2023, customs authority

Cairo – November 27, 2023: Egyptian authorities have released around $63 billion from local ports and warehouses since the start of 2023, revealed Egyptian Customs Authority (ETA) head, Al-Shahat Ghattouri during a press conference earlier this week.

Since the start of the Russia/Ukraine war in early 2022 and the following economic impact, Egypt witnessed an increase in goods stuck at logistics sites across the country, followed by a foreign currency shortage. At its peak in October 2022, the backlog of goods reached $15 billion.

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.

Earlier this fall, the Ministry of Finance revealed that imported goods and products valued at $131 billion were released by the customs authority over the course of 21 months until the end of June 2023.

During a press conference at the 3rd Nebu Expo for Gold and Jewelry, Ghattouri highlighted the success of the zero-customs car initiative for Egyptian expats, noting that it has generated around $460 million in revenues since its launch. The initiative was recently extended to run until the 30th of January 2024.

During its initial phase, which lasted from October 2022 to May 2023, the initiative earned $763 million from 151,000 participants.

The initiative allows expats to import one personal-use vehicle to Egypt without customs duties or taxes, and plays an important role in Egypt’s strategy to secure $191 billion in hard currency as it works to address its FX shortage.