Egypt releases $48 bln worth of commodities from customs in 1st 8 months of 2024

Ghaturi had previously announced in August that the ECA had released $44 billion worth of imported goods from its ports since the start of the year, with priority given to medicine and strategic goods.

Egypt has been suffering from a USD liquidity crisis at the start of the year; however, this crisis was resolved due to the International Monetary Fund's $8 billion loan programme and financing packages from other financial institutions, such as the European Union and the World Bank.

Governmental initiatives

Moreover, the former minister of finance Mohamed Maait reported in March that a total of 25,000 cars imported by expats were released from the customs department as a result of the zero-customs car import initiative implemented by the country.

The initiative was launched in 2022, enabling expats to import one vehicle for personal use without incurring customs duties or taxes, including the value-added tax (VAT).

The cabinet also extended in November 2023 the duration of the zero-customs initiative on gold imports for 6 months until May 2024.

Moreover, the government also announced in October that it would suspend customs on essential goods for 6 months to reduce the price of basic commodities.