Egypt's import backlog almost cleared

Currently, Madbouly added, only $5.3 billion worth of commodities are still at the ports, though they include commodities worth $3 billion still pending importers to finalise the needed clearance procedures.

"This means we can say we almost finalised the [clearance of] accumulated goods at ports, and the cycle of the entry and exit of [imported] goods has started to return to its normal [pace], the prime minister told a press conference on Wednesday, adding that "there will never be zero imports at ports because everyday goods exit and new goods enter."

The country's hard currency shortage, notably in the US dollar, is in part due to the exit of approximately $25 billion in indirect investments (hot money) with the start of the Russian-Ukrainian war in February. The crisis has prompted the Egyptian authorities to apply curbs on import finance, which has caused vast quantities of goods to accumulate at ports.