CAIRO - 18 February 2024: Egypt is set to implement a new strategy with the aim of increasing its annual exports to global markets, reaching a target of $100 billion annually, according to a statement by Trade and Industry Minister, Ahmed Samir.
The government plans to achieve this goal by focusing on the development of the industry sector, enhancing the value of Egyptian products, and exploring new markets, providing comprehensive support to exporters.
Samir announced in an interview with Asharq Bloomberg that the strategy will be finalized by the end of February.
Back in December 2023, the minister revealed that the new strategy seeks to achieve an annual growth rate of exports ranging from 18 percent to 25 percent, while also promoting the transition to green industries.
Despite the challenging global circumstances and their economic impact, Samir highlighted positive indicators in the Egyptian economy. In the fiscal year 2022/2023, the manufacturing industries experienced a notable growth rate of 9.57%, contributing to a total industrial output of LE 1.2 trillion.
Furthermore, Samir pointed out that Egypt's non-oil exports reached $35.6 billion in 2023, while imports amounted to $73 billion, indicating a 14 percent decrease from the 2022.
As a result, the trade balance deficit decreased by approximately $11 billion, with a recorded deficit of about $37 billion in 2023 compared to $48 billion in 2022.
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