Egypt’s non-oil trade deficit reached $9.3 billion during the fourth quarter of 2023, compared to about $10.4 billion during the same period of the previous year. This decrease of 10.6 percent is due to the decrease in the value of non-oil imports into the country. This came in the 12th issue of the ‘Non-Petroleum Commodities Exports’ report issued by the cabinet’s Information and Decision Support Center (IDSC).
The report also noted an increase in the value of Egypt’s non-oil exports by about 1.2 percent in Q4 of 2023. Non-oil exports were recorded at $8.7 billion compared to $8.6 billion during the same quarter of 2022.
Meanwhile, the value of non-oil imports reached $18 billion during Q4 of 2023, compared to about $19 billion during the same quarter of 2022. This 5.3 percent decline reduced the non-oil trade deficit in Egypt to $9.3 billion.
Most prominent trading partners
IDSC’s report revealed that China ranked first as Egypt’s most prominent trading partner. The volume of trade exchange between China and Egypt reached $3.4 billion during the fourth quarter of 2023. Turkey came next with trade exchange amounting to $1.5 billion.
Moreover, the report highlighted the non-oil trade balance between Egypt and its most prominent trading partners during Q4 of 2023. China also ranked first among the countries with which Egypt achieved a trade deficit during Q4 2023. The value of the trade deficit between China and Egypt reached $3.2. billion, followed by Russia with $939.9 million, then Germany with $921.9 million.
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Egypt’s non-oil exports
At the forefront of countries importing Egypt’s non-petroleum goods was India, with a value of $112.4 million. In second place came China, with exports worth $108.4 million. As for Nepal, it was one of the countries that imported the least non-petroleum goods from Egypt during Q4 2023, with a value of $58,300.
In terms of non-oil imports, China once again emerged at the forefront. Egypt’s imports of non-oil goods from China stood at $3.3 billion. In second place came India with a value of $631.5 million. Meanwhile, Brunei was the country from which Egypt imports the least non-petroleum goods during Q4 2023, with a value of $89,500.
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