Egypt's exports declined by 22% during the initial nine months of 2023, registering $30.8 billion compared to $39.4 billion in the same period in 2022, as per data from the Central Agency for Public Mobilization and Statistics (CAPMAS).
CAPMAS reported that the country's imports saw a 21% yearly decrease, amounting to $58.5 billion, in contrast to $74 billion for the same period in 2022.
Egypt is working towards increasing exports and decreasing imports to bolster its foreign currency reserves, which have been strained since the Russo-Ukrainian crisis began in late February 2022.
To alleviate pressure on the dollar, the government has imposed certain restrictions on imports, exempting essential goods and crucial production requirements for local manufacturing.
Until the end of last September, the government released goods and commodities from Egyptian ports, with a total value of $53.7 billion.
Simultaneously, the government offers support to exporters to encourage the enhancement of their exports. The majority of the support is focused on the "Export Support" program implemented by the Ministry of Finance, which disclosed disbursing over EGP 50 billion to companies since 2019.