Earlier this fall, the Ministry of Finance revealed that imported goods and products valued at $131 billion were released by the customs authority over the course of 21 months until the end of June 2023
Work on clearing a backlog of goods at ports continues, with Egypt having cleared some $63 billion worth of goods from its ports since the start of the year, according to Al-Shahat Ghattouri, head of the Egyptian Customs Authority (ETA).
Local ports and warehouses have been dealing with a backlog of goods since 2022, with geopolitical and global economic challenges leading to a foreign currency shortage that saw around $15 billion worth of goods left at logistics sites during its peak in October 2022.
Since the start of the Russia/Ukraine war and the following economic impact, Egyptian authorities have placed an emphasis on accelerating the release of goods, particularly basic commodities, as part of efforts to curb inflation and rising prices.
Earlier this fall, the Ministry of Finance revealed that imported goods and products valued at $131 billion were released by the customs authority over the course of 21 months until the end of June 2023.
During a press conference at the 3rd Nebu Expo for Gold and Jewelry, Ghattouri also highlighted the success of the zero-customs car initiative for Egyptian expats, noting that it has generated around $460 million in revenues since its launch. The initiative was recently extended to run until the 30th of January 2024.
During its initial phase, which lasted from October 2022 to May 2023, the initiative earned $763 million from 151,000 participants.
The initiative allows expats to import one personal-use vehicle to Egypt without customs duties or taxes, and plays an important role in Egypt’s strategy to secure $191 billion in hard currency as it works to address its FX shortage.
