Egypt: 10.7% decrease in non-oil trade deficit in 2Q 2023

Egypt: 10.7% decrease in non-oil trade deficit in 2Q 2023

Egypt’s non-oil trade deficit decreased by 10.7% to $7.5bn during the second quarter (2Q) of 2023, compared to about $8.4bn during 2Q 2022, due to a decrease in non-oil imports.

According to the Information and Decision Support Center of the Cabinet, the value of non-oil exports declined to $8.4bn during 2Q 2023, compared to about $9.2bn during 2Q 2022, a decline of 8.7%, while the value of non-oil imports amounted to $15.9bn, compared to about $17.6bn, a decrease of about 9.7%.

A recent report issued by the center dealt with the most important trading partners of Egypt during 2Q 2023, where China came as the most important of these partners with a volume of trade exchange amounting to $2.8bn, followed by the United States by $1.6bn, then Turkey by $1.4bn, then Italy by $1.3bn, then Russia and Saudi Arabia by $1.2bn each.

According to the report, the value of the non-oil trade exchange between Egypt and the COMESA countries reached $390.7m during 2Q 2023, compared to $306.8m during 2Q 2022, an increase of 27.3%.

Libya came at the forefront of the COMESA countries importing non-oil Egyptian commodities by $312.7m during 2Q 2023, followed by Sudan by $137.4m, then Kenya by $78.1m, while Eritrea came