The trade deficit between Egypt and the United States decreased by about $476.2 million during Q1 of 2024 compared to Q1 of 2023.
The value of Egypt's non-oil trade balance deficit declined by 22.9% during the first quarter (Q1) of 2024 to record about $6.4 billion, compared to $8.3 billion in the same period in 2023, according to a report issued by the Information and Decision Support Center (IDSC).
According to IDSC, the value of non-oil exports amounted to about $9.7 billion during Q1 of 2024, compared to about $8.8 billion during the same quarter of last year, with an increase rate of about 10.2%.
The value of non-oil imports reached $16.1 billion during Q1 of 2024, compared to about $17.1 billion during the comparison period, with a decrease rate of about 5.8%.
China came as Egypt's most important trading partner with a trade volume of $2.9 billion during Q1 of 2024, followed by Turkey with a trade volume of $1.5 billion.
The trade deficit between Egypt and the United States decreased by about $476.2 million during Q1 of 2024 compared to Q1 of 2023.
The trade deficit between Egypt and Ukraine increased by $489.8 million during Q1 of 2024 compared to the same quarter of 2023.
Fruits were the largest Egyptian non-oil export commodity in terms of value during Q1, at about $869.7 million, compared to about $714 million during the same period in 2023.
Egypt's exports to the United States are expected to increase by $2.4 billion, followed by the United Arab Emirates with about $1.4 billion, then Turkey with $1.5 billion, then the Kingdom of Saudi Arabia with $1.3 billion.
