(MENAFN- Daily News Egypt)
The Cabinet's Information and Decision Support Center reported a 22.9% decrease in Egypt's non-petroleum trade deficit during Q1 2024. The deficit recorded was $6.4bn, compared to approximately $8.3bn in Q1 2023. This reduction is attributed to increased non-petroleum exports and decreased non-petroleum imports.
In the first quarter of 2024, non-petroleum exports reached $9.7bn, a 10.2% increase from the previous year's first quarter ($8.8bn). Meanwhile, non-petroleum imports stood at $16.1bn, reflecting a 5.8% decrease from around $17.1bn.
China emerged as Egypt's most significant trade partner in Q1 2024, with a trade volume of $2.9bn, followed by Turkey at $1.5bn. China also topped the list of countries contributing to Egypt's highest trade deficit, amounting to $2.6bn. Russia followed with $1bn, and Germany with $831.5m. Notably, Egypt's trade deficit with the United States decreased by approximately $476.2m, while the deficit with Ukraine increased by $489.8m.
The report highlighted a substantial rise in the non-petroleum trade surplus between Egypt and the ESCWA bloc. In Q1 2024, this surplus reached $2bn, compared to $1.1bn in the same period of 2023-an impressive 81.8% increase. Egypt's non-petroleum imports from the ESCWA bloc decreased to $1.5bn (from approximately $1.9bn), a 21.1% drop. Conversely, non-petroleum exports to the bloc increased to $3.5bn (from $3bn), a 16.7% rise.
Among the ESCWA bloc countries, Saudi Arabia stood out as the largest importer of Egyptian non-petroleum goods in Q1 2024, with imports valued at $877.9m. Libya followed with $471.8m, while Mauritania had the smallest import value at $10.3m.
Saudi Arabia also led as the largest exporter of non-petroleum goods to Egypt during Q1 2024, with exports valued at $491.6m. The UAE followed closely at $431.4m, while Mauritania's exports were the smallest, with a value of $0.242m.
The report highlighted specific export categories. Edible fruits and nuts, along with citrus fruit or melon peels, were the highest-valued Egyptian non-petroleum exports in Q1 2024, amounting to $869.7m (up from approximately $714m in Q1 2023). Machinery, electrical equipment, and parts followed at about $713.7m (compared to around $661.5m).
Saudi Arabia remained the top importer of Egyptian non-petroleum goods, representing 9% of Egypt's total non-petroleum exports. Turkey followed with imports valued at $796.5m (8.2%), and Italy ranked third with imports valued at $592.4m (6.1%).
The report emphasized untapped export opportunities for Egypt in markets such as the United States, Turkey, the UAE, and Saudi Arabia. The United States, in particular, is expected to see an increase in Egyptian exports by $2.4bn, followed by the UAE ($1.4bn), Turkey ($1.5bn), and Saudi Arabia ($1.3bn).
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