Arab News: Egyptian exports to the US witnessed a decline of around 8 percent to $2.3 billion in 2022, down from $2.5 billion in 2021, according to the country’s statistics agency.
In its report, the Central Agency for Public Mobilization and Statistics noted that ready-made clothing exports topped the list, making up 57.9 percent of all exports to the US. They increased by 10.5 percent to $1.3 billion in 2022 from $1.2 billion in 2021. It would be pertinent to mention here that the US accounts for 4.5 percent of Egypt's global exports.
On the other hand, Egyptian imports from the US increased by 5.9 percent in value to $6.8 billion in 2022, from $6.4 billion in 2021, accounting for 7.2 percent of Egypt’s global imports.
The top-three imports from the US were cereals, oil fruits, and medicinal plants, making up 33.6 percent of all imports. These imports totaled $2.3 billion in 2022, up from $1.7 billion in 2021, which is a 33.9 percent increase.
Earlier this month, Egypt’s current account deficit fell 77.2 percent to $1.8 billion in the first half of the current fiscal year, according to the country’s central bank.
The financial institution disclosed that the decrease was driven by Egypt’s current account turning a $1.41 billion surplus in the third quarter of 2022, from October to December, as imports fell, and exports soared.