CAIRO – 26 March 2024: Egypt witnessed a reduction in its non-oil trade deficit during the fourth quarter (Q4) of 2023, to record $9.3 billion, compared to $10.4 billion in the same quarter of 2022, marking a 10.6 percent decrease, according to a statement issued by Information and Decision Support Center (IDSC).
The decrease in the non-oil trade deficit was attributed to a decline in the value of Egypt's non-oil imports, which reached about $18 billion in Q4 of 2023, showing a 5.3 percent decrease from around $19 billion in the corresponding quarter of 2022.
On the other hand, non-oil exports during Q4 of 2023 amounted to approximately $8.7 billion, indicating a slight increase of 1.2 percent compared to $8.6 billion in the same quarter of 2022.
IDSC's data revealed that China emerged as Egypt's most significant trading partner, with a trade exchange volume of $3.4 billion during Q4 of 2023. Turkey followed closely with a trade exchange volume of $1.5 billion.
Furthermore, China remained the leading contributor to Egypt's trade deficit in Q4 of 2023, reaching $3.2 billion. Russia and Germany followed with deficits of $939.9 million and $921.9 million, respectively.
The trade deficit between Egypt and China increased by $87.2 million in the last three months of 2023 on an annual basis.
Additionally, the trade deficit between Egypt and Russia witnessed a reduction of $282.6 million during the last three months of 2023.
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