Egyptian Exports
Egypt's economic growth during the Cairo ICT event. He highlighted that the sector contributes more than 15 percent of the country's GDP.
Foreign investments from G20 nations in Egypt rose to $12 billion in the 2022/2023 fiscal year, up from $8.7 billion in 2021/2022
The United States remains the largest market for Egyptian garments, accounting for $871 million, or 43% of total exports. The European Union follows with $482 million
A key contributor to this trend was a 7.2 percent drop in export values, which totaled $3.45 billion, down from $3.72 billion in the same period last year.
This increased investment by MSMEDA is expected to enhance local production capabilities, support export growth, and contribute to a stronger national industry in Egypt.
The CAPMAS report also highlighted a significant surge in Malaysian investments in Egypt, which rose to $24 million in the 2022/2023 fiscal year, a substantial increase from the $5.1 million seen in 2021/2022
Saudi Arabia led the BRICS countries importing from Egypt, with Egyptian exports amounting to $2.2 billion. The UAE followed with $1.8 billion, Brazil with $488 million, Russia with $438 million, India with $343 million, and China with $290 million.
Egypt’s exports saw a 10.7 percent rise, totaling $3.54 billion in July 2024, up from $3.20 billion in the same month last year.
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% growth by the end of the year, potentially reaching $8 billion in total exports.
In August 2024 alone, engineering exports continued their upward trajectory with a 12.1 percent rise, hitting $443.6 million, up from $395.8 million in August 2023, as highlighted in the cabinet's monthly report.
Overall imports dropped by 3.3 percent in June 2024 to $6.0 billion, down from $6.21 billion in the same month the previous year.
Egypt’s food industry is a significant player in the economy, accounting for 14 percent of the country’s total exports, explained Minister of Investment and Foreign Trade Hassan El Khatib on Monday.
Furthermore, in July 2024 alone, exports surged by approximately 37 percent to $268 million, up from $195 million in July 2023.
Notably, May exports saw a marginal uptick of 0.4 percent, reaching $3.81 billion compared to $3.79 billion in the corresponding period of the preceding year.
The European Union and Arab countries were among the top importers of Egyptian food products, with $1.6 billion and $701 million in imports, respectively.
Notably, July saw a 12 percent increase in exports, climbing to $3.146 billion from $2.821 billion in July 2023, marking a $325 million rise.
Citrus fruits constituted a substantial portion of these exports, totaling 2,077,386 tons. Fresh potatoes followed closely behind, with 957,481 tons shipped overseas, securing the second position in agricultural exports after citrus fruits.
In 2023, bilateral trade between Egypt and EU countries tallied at €32.6 billion, the source highlighted.
May of 2023 witnessed an upsurge in Egyptian exports compared to the preceding year, driven by the escalation in exports of key commodities.
However, the overall merchandise trade volume between Egypt and Saudi Arabia decreased by approximately 8.5 percent during the first half of this year, amounting to $2.6 billion.
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