Clearing the backlog will lead to a gradual decline in prices, explained cabinet spokesperson Nader Saad
Egypt’s import backlog is gone, Prime Minister Mostafa Madbouly explained to media outlets yesterday.
“We’re back to levels before February [2022] … before the crisis began. Average goods at ports nationwide amount to the traditional average [in the] days and months before the crisis,” Madbouly said.
Just last week, the cabinet revealed that $1.5 billion worth of stuck imports were released from ports last week. At the time, BT estimated around $14.8 billion worth of goods were cleared from ports since December according to government releases and sources.
Clearing the backlog will lead to a gradual decline in prices, explained cabinet spokesperson Nader Saad during a call to a talk show last night.
The state is moving to overcome the repercussions of recent global events, and the situation has improved, Madbouly explained.
Egyptian factories are now operating at full capacity, the PM stated, adding that factories now have reserves of raw materials sufficient for one to two months. He added that factories resuming full capacity will significantly support more balanced product prices in the coming period.
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The PM recently instructed the Ministries of Finance and Transport to create a joint committee to develop a strategy to facilitate customs procedures and the movement of containers at the ports as quickly as possible.
Update | The cabinet released new data late Sunday, revealing that goods worth around $794.7 were cleared from ports between January 24 - 28
