CAIRO – 19 February 2024: Egypt experienced a growth in its building materials, refractories, metal industries, and construction sectors from January to December 2023, the total value of these industries reached $8.8 billion, marking a 26 percent increase compared to $6 billion during the same period in 2022.
Breaking down the specifics, iron and steel exports surged by 65 percent to reach $2.3 billion in 2023, compared to $1.4 billion in 2022.
Cement exports also witnessed an increase of 14 percent, reaching $770 million in 2023 compared to $678 million in 2022.
However, ceramic exports experienced a decline of 30 percent, dropping to $131 million from $188 million in 2022.
In line with these developments, Egypt's Trade and Industry Minister, Ahmed Samir, recently announced a new strategy aimed at boosting the country's annual exports to global markets. The ambitious target is to reach $100 billion in exports annually.
Looking at the trade balance, the Central Agency for Public Mobilization and Statistics (CAPMAS) reported that Egypt's trade deficit grew by 5 percent in November 2023, reaching $3.07 billion compared to $2.92 billion in the same month of 2022.
Additionally, CAPMAS data revealed a decline in Egypt's exports during November 2023, decreasing by 20.6 percent, to record $3.21 billion from $4.04 billion in the corresponding month of 2022.
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