Egypt plans to launch shipping lines with East, West African countries

CAIRO – 21 August 2023: In a Cabinet meeting Monday, Prime Minister Mostafa Madbouli urged launching as soon as possible a shipping line between Egypt and COMESA countries, and another between Egypt on one hand, and West and North Africa on the other hand.

The prime minister instructed holding a meeting comprising the Ministry of Transport, the Ministry of Trade and Industry, the Federation of Egyptian Chambers of Commerce, and different export councils in order to agree on the sailing network, and the products to be exported.

In 2018, Egypt proposed the creation of a trade shipping route extending between Lake Victoria in Central Africa and the Mediterranean Sea, calling it the VICMED project.

The Central Agency for Public Mobilization and Statistics (CAPMAS) indicated in a report in June that Egypt's exports to Africa dropped by five percent in the first quarter of 2023 compared to the same period last year, while imports rose by three percent.

Speaking of exports, they fell from $531.400 million to $504.2 million with the top importer being kenya with $67.2 million (down from $91.6 million), followed by South Africa with $17.4 million (down from $30.3 million), and Ethiopia with $1.7 million (down from $2.6 million).

As for imports, they increased to $1.656 billion up from $1.6 billion with the top exporter being Kenya with $83.2 million (down from $97 million), followed by South Africa with $28 million (up from $21.2 million).