(MENAFN) In a significant announcement made by Egyptian Minister of Trade and Industry, Ahmed Samir, on Tuesday, Egypt showcased a notable improvement in its trade deficit over the course of the past year. The figures revealed a substantial decrease in the country's trade deficit, which plummeted to USD36.9 billion in 2023 from USD48.06 billion in the preceding year. This positive shift serves as a clear indicator of the Egyptian government's dedicated efforts towards enhancing the nation's economic landscape.
Minister Samir elaborated on the factors contributing to this commendable improvement, citing the notable surge in merchandise exports as a primary driver. During the year 2023, Egyptian merchandise exports surged to USD35.63 billion, surpassing previous year's figures. Concurrently, there was a significant reduction in imports, which witnessed a decline of 14 percent, settling at USD72.54 billion for the same period.
A statement issued by the Ministry further highlighted the key receiving markets for Egyptian exports during the past year, emphasizing a diversification in Egypt's foreign trade bases and an expansion in the scope of economic partnerships. Notably, Turkey, Saudi Arabia, the UAE, Italy, and the United States emerged as the prominent destinations for Egyptian exports, underscoring the nation's strategic efforts to forge robust economic ties across various regions.
The remarkable decline in Egypt's trade deficit underscores the efficacy of strategic measures implemented by the government to bolster the country's economic resilience and competitiveness on the global stage. As Egypt continues to navigate the complexities of international trade dynamics, the sustained efforts towards fostering diversified trade relations and bolstering export capabilities are poised to drive sustained economic growth and stability in the foreseeable future.
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