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Egypt Reduces Import Expenditures by 13.5%

March 15, 2024
Photo credit: Samah Qamhieye.

The value of import expenditure by Egypt in 2023 declined by 13.5 percent, accounting for a USD 13-billion cut, reported the Central Agency for Public Mobilization and Statistics (CAPMAS) The foreign trade bulletin issued by CAPMAS put the Egyptian government’s imports at a total of USD 83.2 billion in 2023, down from USD 96.2 billion in 2022.

Petroleum products topped the list of the top ten goods imported by Egypt in 2023, with imports valued at USD 7.4 billion, followed by primary iron or steel materials valued at USD 4.2 billion, and wheat valued at USD 3.8 billion. In fourth place were imports of pharmaceuticals valued at USD 3.6 billion, followed by primary forms of plastics at USD 3.3 billion, and then organic and inorganic chemicals at USD 3 billion. 

Following these were Egypt’s imports of corn at USD 2.5 billion, followed by natural gas imports at USD 2.3 billion. Egypt’s imports of passenger cars amounted to USD 2.1 billion, and finally, crude oil imports totaled USD 1.9 billion.

China ranked first in the list of countries from which Egypt imported products, with a value of USD 12.9 billion in 2023, followed by the United States with USD 5.4 billion, then Saudi Arabia with USD 5.2 billion. Egypt’s imports from Russia ranked fourth at USD 5 billion, while imports from Germany came fifth at USD 4.1 billion. Following closely, Egypt’s imports from Italy stood at USD 3.2 billion, securing the sixth position. 

Further down the list, Egypt’s imports from India totaled USD 3.2 billion, placing seventh, followed by imports from Brazil at USD 3 billion. Turkey followed with imports valued at USD 2.8 billion, and finally, Egypt’s imports from Kuwait amounted to USD 2.7 billion.

One of the most significant decreases in imports to Egypt was observed in mobile phones, which decreased to about USD 5.2 million during 2023, compared to USD 343.3 million in 2022–a decrease of 98.5 percent.

For his part, MP Mohamed Attia Al-Fayoumi said in a press statement that the government is seeking during this period to adopt a policy of deepening local manufacturing and encouraging national industry to reduce the import bill in parallel with increasing Egyptian exports. He added that reducing imports is one of the most important steps that align with the comprehensive development and economic reform witnessed by the country in light of Egypt’s Vision 2030.

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