Imports
Data from the Central Agency for Public Mobilization and Statistics (CAPMAS) monitored the development of Egyptian exports to African Union countries, which achieved a significant increase during 2023.
The value of Egyptian imports from the G20 amounted to about $46.6 billion during the mentioned period, compared to $40.7 billion during the same period last year 2023.
Egypt's imports of passenger cars have declined recently, according to data from the Central Agency for Public Mobilization and Statistics (CAPMAS).
The Central Bank of Egypt (CBE) has reportedly directed banks, for the first time in two months, to allocate dollars for letters of credit (LC) related to the importing of non-essential goods requiring pre-approval.
While the volume of Egyptian imports from Algeria amounted to $17 million during the first 8 months of 2024, compared to $8 million during the same period in 2023.
The investment minister held an extensive meeting with representatives of global car manufacturers, agents, and distributors to bolster Egypt's automotive industry on Tuesday.
The minister led a comprehensive meeting to discuss the customs release process and the inspection of imported goods with representatives from various ministries and relevant authorities.
El-Khatib emphasized that this new vision is designed to enhance confidence among both local and foreign investors.
Egyptian wheat imports increased significantly in the first half of this year 2024, compared to the same period last year 2023, according to data from the Central Agency for Public Mobilization and Statistics.
The decline was attributed to a slight increase in Egyptian exports which was up by 0.8 percent to reach $3.29 billion compared to $3.26 billion recorded in April 2023
Trade between Egypt and G7 countries dipped in 2023, dropping by 17% to around $26 billion, reported the Central Agency for Public Mobilization and Statistics (CAPMAS) on Thursday
Exports and imports recorded $13.6 billion and $12.4 billion, respectively.
In an effort to strengthen its position in the global grain market, the Egyptian Holding Company for Silos and Storage (EHCSS) has initiated discussions with the Russian government regarding the establishment of a grain center in Egypt's East Al-Tafria area in Port Said, Al-Moselhi added.
Remittances from Egyptians abroad also increased by 2.6 percent compared to the immediately preceding month, March 2024, during which they recorded about $2.1 billion, as a result of the economic decisions on March 6, 2024.
Minister of Finance Mohamed Mait considered subsidizing fuel a "crime."
During the first quarter of FY2023/2024 (July – September 2023), Egypt’s foreign trade volume hit $24.595 billion, dropping by around 18 percent compared to the first quarter of FY2022/2023
She noted that in spite of the anticipated economic growth deceleration in 2024 due to Middle East conflicts, the rate is projected to surpass regional average.
The data from CAPMAS revealed that the value of exports experienced a decline of 15.6 percent during January 2024, amounting to $3.46 billion, compared to $4.10 billion in January 2023.
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.
Italy and India were noteworthy as well, as Egypt imported goods worth $3.2 billion each from these countries. Additionally, Brazil's imports amounted to $3 billion, while Turkey and Kuwait had imports valued at $2.8 billion and $2.7 billion, respectively.
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