Cairo – Egypt: Alexandria Customs issued customs clearance for cars and spare parts at a combined value of EGP 3.5 billion in March, the Egyptian finance ministry said in a statement.

The state-run body raised total taxes, customs, and other fees of EGP 936 million from the import of these items in March, the head of Customs Authority Kamal Negm said.

Around 6,311 vehicles have been released, with a total value of EGP 1.943 billion in the previous month, the statement added.

The customs clearance issues come along with Egypt’s application of the last tranche of tariff reductions on cars imported from the European Union (EU) and Turkey, in accordance with the Egyptian-European Partnership Agreement to reach customs zero value.

Negm noted that almost EGP 509 million have been paid in taxes and customs to import these cars.

Released items included 1,124 minibuses, vans, motorcycles, and tractors, with a total value of EGP 703 million.