Egypt’s trade deficit shrinks to $36.9bln in 2023

Amr Abdallah Dalsh

Egypt’s merchandize exports to the US hit $1.966 billion

Staff Writer, Arab Finance

February 7, 2024

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Egypt’s trade balance deficit declined by $11.158 billion in 2023 to $36.908 billion, versus $48.66 billion in 2022, Minister of Trade and Industry Ahmed Samir announced in a statement on February 6th.

Additionally, the country’s merchandize exports were valued at $35.631 billion in 2023, surpassing 2022 records, Samir said.

Egyptian exports to the African countries grew by 7% year-on-year (YoY) to $2.247 billion, while exports to the Arab League member countries amounted to $13.411 billion.

Meanwhile, exports to the European Union (EU) stood at $9.50 billion last year.

Moreover, Egypt’s merchandize exports to the US hit $1.966 billion.

On the other hand, merchandize imports fell by 14% last year to $72.539 billion, versus $83.988 billion in 2022, he added.

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