Egypt’s trade balance deficit dropped by 26.4% year on year (YoY) to $27.4 billion during the first nine months of 2023, Asharq Business reported, citing an official document.
This drop was due to the decrease in the country’s imports resulting from the lack of hard currency.
The value of Egyptian imports fell by 17% YoY in the January-September period, reaching $53.6 billion, whereas the country’s exports saw a 3% annual downtick to $26.2 billion.
The decrease in exports was driven by the lack of the raw materials needed for production, while the decline in imports was attributed to the difficulty of releasing goods that have been piled up at ports due to the shortage of dollars, a government official said.
Source: Zawya
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