Egypt’s non-oil trade deficit records $6.4B during Q1 of 2024: IDSC

In the first quarter (Q1) of 2024, Egypt's non-oil trade balance deficit experienced a significant decrease of 22.9 percent, reaching approximately $6.4 billion. This marks a notable improvement compared to the deficit of $8.3 billion reported during the same period in 2023, as stated in a report released by the Information and Decision Support Center (IDSC). According to the IDSC report, the value of Egypt's non-oil exports in Q1 2024 amounted to around $9.7 billion, reflecting a growth rate of approximately 10.2 percent compared to the previous year's first quarter, which recorded exports worth about $8.8 billion. On the other hand, the value of non-oil imports during Q1 2024 stood at $16.1 billion, indicating a decrease of about 5.8 percent compared to the corresponding period, which saw imports valued at approximately $17.1 billion. China emerged as Egypt's primary trading partner during Q1 2024, with a trade volume of $2.9 billion, followed by Turkey with a trade volume of $1.5 billion. Notably, the trade deficit between Egypt and the United States decreased by approximately $476.2 million in Q1 2024 compared to the same quarter in 2023. However, the trade deficit between Egypt and Ukraine witnessed an increase of $489.8 million during Q1 2024 compared to the corresponding quarter of the previous year. In terms of non-oil exports, fruits claimed the top position in Egypt's trade, representing the highest value during Q1, with exports worth around $869.7 million. This demonstrates growth when compared to approximately $714 million recorded during the same period in 2023. Looking ahead, Egypt's exports to the United States are projected to increase by $2.4 billion, followed by the United Arab Emirates with an anticipated increase of about $1.4 billion. Source: State Information Service Egypt