Egyptian Imports
In contrast, June witnessed a decrease in wheat imports to $261 million, a 21.5 percent drop from June 2023's $332 million.
Overall imports dropped by 3.3 percent in June 2024 to $6.0 billion, down from $6.21 billion in the same month the previous year.
Furthermore, in July 2024 alone, exports surged by approximately 37 percent to $268 million, up from $195 million in July 2023.
Notably, May exports saw a marginal uptick of 0.4 percent, reaching $3.81 billion compared to $3.79 billion in the corresponding period of the preceding year.
Notably, July saw a 12 percent increase in exports, climbing to $3.146 billion from $2.821 billion in July 2023, marking a $325 million rise.
Citrus fruits constituted a substantial portion of these exports, totaling 2,077,386 tons. Fresh potatoes followed closely behind, with 957,481 tons shipped overseas, securing the second position in agricultural exports after citrus fruits.
May of 2023 witnessed an upsurge in Egyptian exports compared to the preceding year, driven by the escalation in exports of key commodities.
However, the overall merchandise trade volume between Egypt and Saudi Arabia decreased by approximately 8.5 percent during the first half of this year, amounting to $2.6 billion.
Similarly, imports of magnetic tapes and disks fell from $16.1 million in May 2023 to $163 thousand in May 2024, showing a decline of $15,987 thousand.
CAPMAS reported a significant increase in Egypt’s car imports recently, hitting $169.7 million in April, a leap from $92.8 million in April 2023, showing growth of about $76.9 million.
The European Union followed closely with contributions of $701 million, representing 22 percent of the total exports and showcasing a remarkable growth rate of 55 percent.
Merchandise exports surged by 9.8 percent to hit $19.641 billion from January to June, while imports dwindled by around 3.3 percent to $35.565 billion.
Noteworthy sectors that witnessed export growth from January to June 2024 include cables with a 32.2% increase, automotive components with a 32.4 percent rise, home appliances with a 14.3 percent uptick, and electrical and electronic industries with an 8.2 percent increase.
The value of imported goods experienced a decrease of 16.2 percent, totaling $5.94 billion in March 2024, down from $7.09 billion in the same month of the previous year.
The project entails the construction of a sodium cyanide factory in Egypt, primarily focusing on meeting local demand and exporting 80% of the production to markets in the Nile Basin, the Middle East, and Africa
The move comes as Egypt works towards increasing gas availability within the country during the second half of this year, aiming to meet the rising electricity demands
Egypt's current annual exports amount to $53 billion and the PM expressed his desire to increase this figure by 17-18 percent by 2030, to reach almost $145 billion
According to the Turkish Exporters' Assembly, Turkish exports to the Egyptian market reached $872 million in the first quarter of this year,
Madbouly inspected the artificial silk and polyester factory in Kafr El Dawar and is currently heading to the Alexandria port to supervise the release of goods from the port.
Notably, the United States emerged as the largest market for Egyptian clothing imports, with a value of $106 million in January 2024, compared to $90 million in January 2023, a growth rate of 18 percent
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