Egypt’s non-oil exports surge in first 10M 2024, reaching $33.35B by end of October

Cairo – December 3, 2024: The total value of non-oil exports during the first ten months of the year is estimated at approximately $33.35 billion, according to Essam El-Naggar, chairman of the General Organization for Export and Import Control (GOEIC).

El-Naggar expressed optimism that this positive growth trend will continue through the end of the year.

The last two months reported consistent growth, with non-oil exports reaching $29.713 billion by the end of September and increasing by 12.2 percent by the end of October.

In 2023, non-oil exports saw a slight increase, reaching $35.6 billion. Looking ahead, the government has set an ambitious target to boost export revenues to $145 billion by 2030, as part of the Egyptian industrial strategy.

In support of this goal, the Egyptian government has allocated LE 23 billion to a new export support program.

This funding has been distributed across various sectors, with LE 4 billion designated to support exporters in the textile sector, LE 3.16 billion to exporters of chemicals and fertilizers, while LE 3.65 billion will be allocated for agricultural exports.

The food industries will receive LE 3.89 billion in support, LE 3.13 billion are earmarked for engineering industries and the automotive sector, and LE 1.11 billion will be directed toward supporting building materials industries. Smaller support packages have also been allocated to other sectors.

On Tuesday, Minister of Investment and Foreign Trade, Hassan El-Khatib, highlighted that Egypt’s food industry exports reached $4.6 billion by the end of September 2024, marking an 18 percent growth compared to $3.9 billion during the same period in 2023.

El-Khatib also emphasized the importance of increasing agricultural exports to African markets, which currently represent only 2 percent of Egypt’s total agricultural exports.

Egypt’s chemical and fertilizer exports had grown by 5 percent in the first nine months of 2024, reaching a total of $6.5 billion, according to Khaled Abul-Makarem, the Chairman of Chemicals and Fertilizers Export Council.