Egypt's Trade Deficit Drops by 68%

Ahmed Samir, Minister of Trade and Industry announced that Egyptian merchandise exports achieved a significant growth rate during the month of January 2024, reaching $3.12 billion, compared to $2.887 billion, year-on-year, indicating that Egyptian merchandise imports witnessed a decline of 40%, as It reached $4.476 billion compared to $7.520 billion year-on-year (YOY).

The minister said that these positive indicators contributed to the decrease in the trade deficit by 68% during the month of January, as it reached one billion and 464 million dollars, compared to 4 billion and 634 million dollars during the same month last year.

This came in the context of the latest report the minister received from the General Authority for Export and Import Control on Egypt’s foreign trade movement during January 2024.