Arab Finance: Egypt’s non-oil trade deficit narrowed by 4.6% year on year (YoY) in 2024, reaching $37.3 billion, driven by a 14.5% increase in exports.

Exports rose to $40.9 billion by the end of last year, contributing to the deficit's decline for the third consecutive year.

In 2023, the trade deficit stood at $39.1 billion, compared to $48.4 billion in 2022 and $49.5 billion in 2021.

Meanwhile, imports grew by 4.6% YoY to $78.3 billion, pressured by higher wheat purchases despite government restrictions aimed at reducing import spending, particularly on cars and mobile phones.

The government plans to raise annual exports to $145 billion by 2030.

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