Egypt’s Exports Drive 0.8% Increase in Foreign Trade
In a surge of economic activity, Egypt’s petroleum, clothing, pastes, and food preparation exports spearheaded a 0.8 percent year-on-year increase in foreign trade for April, reaching approximately $3.3 billion, as per official data.
Sector Growth and Trade Deficit Narrowing
The rise in exports contributed to a 2.5 percent narrowing of the nation’s trade deficit, which stood at around $2.7 billion for the same period, according to Egypt’s Central Agency for Public Mobilization and Statistics.
Notable Growth in Key Sectors
Sectors showing significant growth included petroleum products with a 16.3 percent increase, ready-made garments rising by 31.4 percent, and pastes and food preparations surging by 45 percent. Additionally, pharmaceuticals and pharmacy products experienced an increase of 64 percent.
Challenges and Strategies
The rise in exports in April comes after Egypt saw its current account deficit widen significantly in the first nine months of the fiscal year 2023-2024. The nation aims to turn its economy around by bolstering exports across all sectors to diverse global markets, with a target of achieving $100 billion in annual merchandise exports in the next three years.
Import Trends and Fluctuations
On the import side, the overall value saw a slight decline of 0.7 percent, amounting to $5.97 billion. The decrease was attributed to a reduction in the value of imports for several key goods, while some commodities experienced significant increases.