Egypt’s total exports decline by 2.2% to record $42.5B in 2023

The Central Agency for Public Mobilization and Statistics (CAPMAS) has released its annual report on Egypt’s foreign trade for the year 2023, showing a drop in both exports and imports compared to the previous year. Egypt’s total exports amounted to $42.5 billion, reflecting a 2.2% decline from $43.5 billion in 2022. Non-oil exports showed a slight improvement, increasing to $28.5 billion, up by 1.2% compared to $28.1 billion in 2022. Petroleum and electricity exports, however, dropped by 5.2%, totaling $14 billion compared to $14.8 billion the previous year.

 

Key products saw notable declines in their export values. Crude oil exports reached $2.1 billion, marking a 10.2% decrease from $2.4 billion in 2022. Natural gas exports dropped by 11.4%, falling from $2.2 billion to $1.95 billion. Ready-made garments saw a decline of 12.5%, reaching $2.3 billion compared to $2.6 billion. Plastics and articles thereof fell by 10.5% to $2 billion, while urea fertilizers dropped by 9.8% to $2.1 billion from $2.3 billion.

 

Turkey retained its position as Egypt’s top export destination, despite a 7.5% decline in exports to the country, totaling $4.5 billion. Italy ranked second, recording a 6.2% drop, while exports to Saudi Arabia grew by 11.5%.

 

Egypt’s total imports declined significantly by 5.2% in 2023, reaching $72.4 billion compared to $76.4 billion in 2022. Non-oil imports fell by 4.8%, totaling $55.1 billion, while petroleum and electricity imports saw a sharper decline of 8.5%, dropping to $17.3 billion. Intermediate goods dominated imports, comprising 36.3% of total imports. Fuel imports made up 14.6%, investment goods accounted for 17.9%, and consumer goods represented 12.5% of the total. The most significant declines were seen in iron and steel products, which fell by 6.1% to $5.1 billion. Plastics imports decreased by 5.5% to $4.8 billion, wheat imports dropped to $3.5 billion, showing a 4.3% decline, and pharmaceuticals decreased slightly to $2.8 billion, down by 1.2%.

 

China remained Egypt’s largest import source despite a 7.5% decline, accounting for 15.7% of total imports in 2023. Saudi Arabia followed with a 5.1% decrease, while the United States and Russia ranked third and fourth, respectively, with slight declines in import values.

 

Port activity was led by the Alexandria Port, which handled 32% of total exports, followed by Cairo International Airport at 14.8% and the Suez Port at 14.4%. On the import side, Cairo International Airport accounted for 30.4% of total imports, followed by Dekheila Port at 13.9% and Ain Sokhna at 13.5%.