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Lower imports cuts Egypt’s trade deficit by 23.6 percent in FY2022/23

Egypt’s trade deficit declined by 23.59 percent during the fiscal year 2022/2023, primarily due to a significant decline in non-oil imports.
09.10.23 | Source: ahram online

The trade deficit reached $33.16 billion in FY2022/23, down from $43.39 billion in FY2021/22.

During the fiscal year that ended on 30 June 2023, Egyptian imports plunged 18.92 percent on a yearly basis to $70.78 billion.

The CBE ascribed the overall drop in imports primarily to declining imports of passenger vehicles, spare parts and accessories for cars and tractors, propylene polymers, and mobile phones.

The decline in imports of car accessories and spare parts led to a 65.5 percent drop in car sales in Egypt during the first eight months of 2023.

According to CAPMAS, imports of passenger cars declined to $1.91 billion in 2022 from $3.66 billion a year before.

Exports edge lower

The falling trade deficit happened despite a 9.7 percent drop in total exports to $39.62 billion in FY2022/2023 from $43.9 billion in FY2021/2022, driven by a drop in petroleum exports.

Petroleum exports, including natural gas, oil, and derivatives, plummeted by 23.14 percent to $13.81 billion in FY2022/23, down from $17.98 billion in FY2021/2022.