Egyptian Exports
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.
Egypt’s food industry is a significant player in the economy, accounting for 14 percent of the country’s total exports, explained Minister of Investment and Foreign Trade Hassan El Khatib on Monday.
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.
The European Union and Arab countries were among the top importers of Egyptian food products, with $1.6 billion and $701 million in imports, respectively.
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.
In 2023, bilateral trade between Egypt and EU countries tallied at €32.6 billion, the source highlighted.
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.
This phase saw 1,590 companies benefitting, receiving a total export support of about LE 13 billion from June to August 2024.
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.
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.
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.
El-Khatib emphasized that the Ministry will focus on several key strategies to meet this goal.
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
This ambitious strategy is expected to create 7 to 8 million job opportunities during the specified period.
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
To further this objective, a recent meeting was held, bringing together leaders and representatives from export councils.
