Egypt’s non-oil trade deficit for the first half of 2024 has decreased to $15.9 billion. This marks a 16% improvement from the $18.9 billion deficit recorded during the same period in 2023.
During the initial six months of 2024, Egypt saw a notable 9.8% increase in merchandise exports, reaching $19.6 billion. In contrast, imports declined by approximately 3.3%, totaling $35.6 billion.
The leading contributor to Egypt’s export performance was the building materials sector, which generated $4.7 billion, accounting for about 24% of total exports. This was followed by the chemical products and fertilizers sector, which contributed 19% of the export value, amounting to $3.8 billion. The food industries sector contributed 15%, with exports valued at $3.1 billion, while crops represented 14% at $2.7 billion. The engineering and electronic goods sector accounted for 13% of the export share, totaling $2.6 billion.
The improvement in the trade deficit was primarily due to a $1.2 billion reduction in imports during the first half of the year. The largest category of imports was engineering and electronic goods, comprising 30% of total imports, valued at $10.8 billion. Building materials followed, representing 18% of imports with a value of $6.8 billion. Crop imports made up 14% at $4.9 billion, while chemical products and fertilizers also represented 14% with a value of $5.1 billion. Imports of food industries items totaled 11%, amounting to $3.9 billion.
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