Trade deficit narrows by 26.4% YoY during first 9M of 2023, media reports

Egypt’s trade balance deficit plummeted by 26.4 percent year-on-year (YoY), falling to $27.4 billion during the first nine months of 2023, revealed a report by regional media citing a source-provided document.

Citing an unnamed government official, exports decreased due to a shortage of raw materials needed for production driven by foreign currency issues, which also drove imports down due to complications in releasing goods from ports.

The source attributed the deficit’s decline to the country’s woes with foreign currency, leading to exports dropping by 3 percent to record $26.2 billion.