Egypt’s non-oil trade deficit shrinks 15% in Q3 of 2023: Cabinet’s IDSC

Ahram Online , Monday 18 Dec 2023

Egypt’s non-oil trade deficit shrank by 15 percent to record $9.1 billion during the third quarter of 2023, compared to $10.7 billion in the corresponding quarter of 2022, according to data released by the cabinet’s Information and Decision Support Centre (IDSC) on Monday.

A file photo of containers.
A file photo of containers.

 

The IDSC attributed this decline to a 4.3 percent reduction in non-oil imports, which amounted to $17.6 billion during the July-September quarter of 2023, down from $18.4 billion in the same period of 2022.

Egypt experienced a 10.4 percent increase in non-oil exports, reaching $8.5 billion in Q3 of 2023 compared to $7.7 billion in the same quarter of 2022, as highlighted in the centre's quarterly Non-Oil Merchandise Exports bulletin.

China emerged as Egypt's most vital trading partner during this period, with a trade volume of $3.4 billion, followed closely by the United States with a trade volume of $1.6 billion.

However, China accounted for the largest trade deficit for Egypt during this period, amounting to $3.2 billion, followed by Russia, with a trade deficit of $1 billion, and Germany, with a trade deficit of $766.7 million.

The bulletin also highlighted a 3.8 percent increase in the non-oil trade balance between Egypt and BRICS countries, reaching $5.5 billion in the third quarter of 2023, compared to $5.3 billion on an annual basis.

Egypt's non-oil exports to the BRICS countries totaled $392.1 million in Q3 of 2023, reflecting a slight increase of 0.5 percent compared to $390.3 million in the same quarter of 2022.

China remained the largest importer of Egypt's non-petroleum commodities among BRICS countries in Q3 of 2023, with a value of $116.6 million, followed by Brazil with $100.1 million, while South Africa recorded the lowest value at $30.2 million.

Egypt's overall trade deficit increased by 10.3 percent in September, amounting to $3.24 billion, compared to $2.84 billion in September 2022, according to data released by the Central Agency for Public Mobilization and Statistics (CAPMAS).

Nonetheless, Egypt's trade deficit witnessed a significant decline of 23.59 percent during the fiscal year 2022/2023, primarily driven by the substantial decrease in non-oil imports.

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