This was due to the decrease in the value of Egypt's non-oil imports, which reached $18 billion during Q4 of 2023, compared to about $19 billion during the same quarter of 2022, with a decrease rate of about 5.3%.
The value of Egypt's non-oil trade deficit reached $9.3 billion during the fourth quarter (Q4) of 2023, compared to about $10.4 billion during the same quarter in 2022, a decrease of 10.6%, according to a statement issued by Information and Decision Support Center (IDSC).
This was due to the decrease in the value of Egypt's non-oil imports, which reached $18 billion during Q4 of 2023, compared to about $19 billion during the same quarter of 2022, with a decrease rate of about 5.3%.
The value of non-oil exports during the Q4 of 2023 amounted to about $8.7 billion, compared to $8.6 billion during the same quarter of 2022, with an increase of 1.2%.
According to IDSC, China emerged as Egypt's most important trading partner with a trade exchange volume of $3.4 billion during Q4 2023, followed by Turkey with a trade exchange volume of $1.5 billion.
In the fourth quarter of 2023, China emerged as the leading country contributing to Egypt's trade deficit, reaching $3.2 billion. Following closely were Russia with a deficit of $939.9 million and Germany with a deficit of $921.9 million.
While the trade deficit between Egypt and China increased by $87.2 million in the last three months of 2023, on an annual basis.
Furthermore, the trade deficit between Egypt and Russia decreased by $282.6 million in the last three months of 2023.
