The Cabinet’s Information and Decision Support Center has revealed a positive development in Egypt’s non-petroleum trade deficit for the first quarter of 2024, marking a 22.9% decrease to $6.4 billion compared to approximately $8.3 billion in Q1 2023. This improvement is attributed to increased non-petroleum exports coupled with reduced non-petroleum imports.
During Q1 2024, Egypt’s non-petroleum exports surged to $9.7 billion, up by 10.2% from $8.8 billion in the same period last year. Meanwhile, non-petroleum imports dropped to $16.1 billion, reflecting a decline of 5.8% from around $17.1 billion.
China emerged as Egypt’s top trading partner in Q1 2024, with a trade volume of $2.9 billion, followed by Turkey at $1.5 billion. China also accounted for the largest share of Egypt’s trade deficit, amounting to $2.6 billion. Russia followed with $1 billion, and Germany with $831.5 million. Notably, Egypt’s trade deficit with the United States decreased by $476.2 million, while it increased with Ukraine by $489.8 million.
The report highlighted a significant rise in the non-petroleum trade surplus between Egypt and the ESCWA bloc, reaching $2 billion in Q1 2024, up by 81.8% from $1.1 billion in Q1 2023. Imports from the ESCWA bloc decreased to $1.5 billion, a drop of 21.1%, while exports increased to $3.5 billion, a rise of 16.7%.
Saudi Arabia led as the largest importer of Egyptian non-petroleum goods in Q1 2024, importing goods worth $877.9 million, followed by Libya at $471.8 million and Mauritania at $10.3 million.
Regarding exports to Egypt from the ESCWA bloc, Saudi Arabia also topped the list with exports valued at $491.6 million, followed closely by the UAE at $431.4 million and Mauritania at $0.242 million.
Key export categories included edible fruits and nuts, valued at $869.7 million, and machinery, electrical equipment, and parts at $713.7 million.
Saudi Arabia, Turkey, and Italy were highlighted as significant importers of Egyptian non-petroleum goods, contributing substantially to Egypt's export market diversification.
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