Egypt's non-oil trade deficit fell by 4.4% year-on-year, reaching $27.56 billion during the first nine months of 2024, according to a government document viewed by Asharq Bloomberg. This came due to the increase in Egyptian exports during this period.

Key non-oil trade figures for Egypt during the first nine months of 2024 included, Merchandise exports rising 11.1% to $29.665 billion, and Imports increasing by 3% to $57.228 billion.

Egypt aims to reduce its import bill by fulfilling domestic market needs and production requirements by encouraging local manufacturers and attracting global investors to establish industries for locally produced substitutes.

This approach is part of Egypt’s industrial advancement plan, which includes seven key pillars introduced by Minister of Transport and Industry Kamel El-Wazir since he assumed office.

The rise in Egypt’s exports comes as the government targets $100 billion annually.

Earlier in October, the Central Agency for Public Mobilization and Statistics (CAPMAS) revealed that the trade balance deficit amounted to $4.60 billion during July 2024, compared to $3.89 billion for the same month of the previous year, an increase of 18.3%.

According to CAPMAS, Egypt’s exports increased by 10.7%, reaching $3.54 billion in July 2024, compared to $3.20 billion in the same month of the previous year.