$10B targeted exports for Egypt's chemical, Fertilizers sector during 2025

CAIRO – 10 October 2024: Egypt’s fertilizer and chemicals industry is aiming to achieve $10 billion in exports by 2025, as highlighted by Chemical and Fertilizers Export Council (CEC) chairperson, Khaled Abu Al-Makarem. He emphasized the importance of consistent gas supply to factories in order to meet this goal.

According to Abu Al-Makarem, the sector’s exports surpassed $5 billion in the first eight months of 2024, with projections of an 8-10 percent growth by the end of the year, potentially reaching $8 billion in total exports.

In October, the Central Bank of Egypt revealed a growing trade deficit, which increased to $39.6 billion for FY 2023/2024, compared to $31.2 billion in the previous year. This surge was mainly driven by a sharp decline in oil exports, which plummeted by $8.1 billion to $5.7 billion, influenced by lower natural gas prices and decreased export volumes.

The non-oil trade deficit also widened, reaching $31.9 billion, fueled by increased non-oil imports, particularly in passenger vehicles, wheat, and cast iron, which contributed to a total import value of $58.8 billion.