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Goods Valued at $1.7 Billion Released From Egyptian Ports

March 13, 2024
Alexandria Port in Egypt. Photo source: egypttoursportal.com

The Egyptian Customs Authority released in the last ten days USD 1.7 billion (EGP 82.2 billion) worth of commodities from various ports all over Egypt, intending to reduce inflation and stabilize prices, according to Egypt’s Minister of Finance, Mohamed Maait.

The release follows an Egyptian government announcement on 4 March that commodities held at ports nationwide, including food, animal feed, production supplies, essential goods, and medicine, would be released to help reduce inflation and stabilize market prices.

Commodities have been accumulating at Egyptian ports due to a shortage of foreign currency to release them. However, the decision to release various commodities this month was made against the backdrop of Egypt signing an expanded loan deal with the International Monetary Fund and the Ras El Hekma deal, both of which are intended to increase Egypt’s foreign currency reserves.

In a recent interview, Maait stated that commodities held across Egyptian ports amount in value to USD 6 billion (EGP 290.7 billion) and included petroleum products. On 7 March, Egyptian Customs Authorities released goods valued at USD 280 million (EGP 13.5 billion) and on 8 March, a further USD 500 million (EGP 24.3 billion) worth of goods were released.

There is an ongoing collaboration between customs officials and other authorities including the General Authority for Food Safety, the General Organization for Export and Import Control, the Health Quarantine, the Agricultural Quarantine, and other inspection bodies to accelerate the process and release all goods held up in ports around the nation.

“The newly introduced electronic systems greatly assist in accelerating the customs clearance process for goods and their access to local markets and production units,” Shahat Ghatory, head of the Egyptian Customs Authority, stated.

Ghatory confirmed that all state entities are working relentlessly at customs outlets to make sure all commodities are released.

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