Egypt’s trade deficit grew to $39.6 billion in FY2023/2024, up from $31.2 billion the previous year, primarily pushed by a steep drop in oil exports, which fell by $8.1 billion to just $5.7 billion after it was heavily impacted by declining natural gas prices and reduced export volumes.

According to the Central Bank of Egypt’s (CBE) latest release on the country’s Balance of Payments (BoP), Egypt recorded a $9.7 billion surplus in fiscal year 2023/2024, while the current account deficit expanded, registering at $20.8 billion.

The oil trade balance turned from a surplus of $410 million to a deficit of $7.6 billion.

Oil imports remained stable at $13.4 billion, as increases in oil products and natural gas imports offset the decrease in crude oil imports, the CBE explained.

The non-oil trade deficit also expanded, increasing by $354.8 million to register at $31.9 billion.

This was driven by a rise in non-oil merchandise imports, which climbed to $58.8 billion, primarily due to higher imports of passenger vehicles, wheat, and cast iron.

Non-oil merchandise exports saw a modest increase to $26.8 billion, supported by stronger exports of textiles and electrical appliances.

Suez Canal transit receipts saw a decline of 24.3%, amounting to $6.6 billion, exacerbated by reduced shipping traffic through the canal.