Egypt Releases $131 Bln Worth of Goods From Ports in 21 Months: Finance MinisterSource: www.export-egypt.com 7/26/2023, Location: Africa |
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Egypt has released $131 billion worth of imported goods through different customs ports and outlets over 21 months until the end of June, said the Minister of Finance Mohamed Maait.
There are still $3.5 billion worth of commodities the delivery of which hasn't been yet approved by foreign suppliers, Maait added. The minister noted that $1.9 billion worth of goods, including oil, fodder, corn, and wheat are stored in ports pending the finalization of their procedures. The number of applications to Egypt's Advanced Cargo Information (ACI) system has reached over 1.2 million since October 2021, Maait revealed. He noted that the ACI system has facilitated the customs release of goods even before they reach Egyptian ports. In June, Egypt announced releasing $31.8 billion worth of goods from customs between January and May 2023 as the government moves forward with policies to end backlogs of imported commodities at ports. Egypt is coping with a shortage of US dollar liquidity in the local market and a financing gap estimated at $17 billion through 2026. The gap has been impeding the release of essential goods from ports. The ACI system is a World Customs Organization protocol that provides real-time information on transactions and operations before, during, and after the arrival of goods through a unified digital customs portal. |
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