exports
Chairman of the Food Export Council (FEC) Hany Barzi told press Tuesday.
That was in a meeting with Prime Minister Mostafa Madbouli Wednesday.
Egyptian exports witnessed a major boom in 2022, growing by 19.4% percent. The total value of exports rose to $52.1 billion, compared to $43.6 billion in the previous year.
During the first quarter of FY2023/2024 (July – September 2023), Egypt’s foreign trade volume hit $24.595 billion, dropping by around 18 percent compared to the first quarter of FY2022/2023
The figures showed that the after Egyptian engineering exports recorded levels that are the highest in the history of Egyptian engineering exports.
She noted that in spite of the anticipated economic growth deceleration in 2024 due to Middle East conflicts, the rate is projected to surpass regional average.
Turkey, Saudi Arabia, the United Arab Emirates, Italy, and the United States were the top destinations for Egyptian commodity exports.
The union aims to bring the exports to new record levels, after the food industries sector succeeded last year in achieving $5.1 billion during the year 2023.
The data from CAPMAS revealed that the value of exports experienced a decline of 15.6 percent during January 2024, amounting to $3.46 billion, compared to $4.10 billion in January 2023.
The primary objective of this program is to stimulate the growth of Egypt's exports, boost production levels, and generate more employment opportunities.
IDSC's data revealed that China emerged as Egypt's most significant trading partner, with a trade exchange volume of $3.4 billion during Q4 of 2023.
Samir added that Egypt plans to increase industrial production by 20 percent, enhance the green economy's contribution to the gross domestic product to a minimum of 5 percent, and provide number of job openings, targeting 7 to 8 million opportunities.
Data from the Foreign Trade Bulletin for last December showed the development of the list of goods whose exports increased during that period, compared to the same month of last year 2022.
During December 2023, the value of Egypt's exports declined by 23.0 percent, to record $3.48 billion, in contrast to $4.52 billion in the same month of 2022.
This phase aims to settle the overdue obligations of export burdens for exporting companies, covering export files at the Export Development Fund until those loaded until June 30, 2023, that are fulfilled by the end of September 2023, with an amount not exceeding LE 8 billion.
The Egyptian Minister of Petroleum, Tarek El-Molla, witnessed the signing of the agreement along with Saeed Mohammed Al Tayer, Chairman of the Board of Directors of Dragon Oil Company,
The memorandum of understanding relates to the logistical supply for real estate development projects in the Kingdom of Saudi Arabia, which the consortium will implement in the Kingdom and elsewhere.
This initiative is in collaboration with the Ministry of Trade and Industry, and the Ministry of Agriculture and Land Reclamation.
Samir noted that the Egyptian commodity exports to Turkey saw a significant increase, reaching $2.934 billion compared to about $2.288 billion during the same period in 2022, reflecting a 28 percent increase.
This marked the highest value achieved in the history of engineering exports, surpassing the $3.841 billion recorded in 2022, according to the statement