Egypt's exports decline 22% in 1st 9 months of 2023

CAIRO - 24 December 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 last September, 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.