Egyptian Minister of Trade and Industry Ahmed Samir said on Tuesday the country's trade balance deficit declined by $11.158 billion in 2023 to $36.908 billion, compared to $48.66 billion in 2022.
A ministry statement quoted Samir as saying that merchandise exports exceeded 2022 records to reach $35.63 billion in 2023, while imports decreased 14% annually to $72.54 billion in 2023.
The statement said Türkiye, Saudi Arabia, the UAE, Italy, and the US were the top markets receiving Egyptian exports last year.
The Minister explained that Egyptian exports to non-Arab African countries achieved a significant increase of 7% to reach $2.24 billion, noting that Egyptian exports to Arab League countries amounted to $13.4 billion.
Exports to the EU stood at $9.50 billion last year, and merchandise exports to the US hit $1.966 billion.
Türkiye came first among export markets for Egyptian goods with a value of $2.94 billion, followed by Saudi Arabia at $2.7 billion and the UAE at about $2.2 billion.
Meanwhile, Minister of Planning and Economic Development Hala al-Said the government spending rationalization plan will not affect the economic growth target for the current fiscal year of 3%.
Last week, the cabinet approved a draft decision to rationalize investment spending by 15% according to controls, including reducing public treasury funding in the investment plan for the current fiscal year.
The draft also stipulates postponing the implementation of the recently included projects in the investment plan, whether for the previous or the current fiscal year, by banning any contracts or biddings related to these projects until June 30.
The statement added that it was decided not to start any new projects this year and prioritize completing projects that are 70% or more complete and expected to be implemented during the fiscal year 2023-2024.
The International Monetary Fund (IMF) lowered its growth expectations for the Egyptian economy in the current fiscal year 2023-2024 by 0.6% compared to previous expectations of 3%.
The IMF also lowered its projections for the country's real GDP growth in the incoming FY2024/2025 to 4.7%, down from the 5% projected in October.
Egypt suffers from a scarcity of foreign exchange resources, and its revenues from the Suez Canal, one of the largest sources of foreign exchange, have been affected due to the attacks on affecting navigation in the Red Sea.
