Egypt’s Merchandise Exports Surge by 9.8% to $16.55 Billion in First Five Months of 2024
In a remarkable feat, Egypt’s merchandise exports have seen a significant increase of 9.8 percent year-on-year in the first five months of 2024, reaching a total of $16.55 billion. This growth trend has been consistent month after month, showcasing the country’s steady expansion in global trade, as reported by Egypt’s Minister of Trade and Industry Ahmed Samir.
Key Contributors to Export Growth
Noteworthy items that have contributed to this growth include fresh and dried citrus fruits valued at $721 million, wires at $353 million, and manufactured petroleum oils at $186 million. Additionally, key export sectors such as building materials, the food industry, and chemical products have also played a significant role in boosting Egypt’s export numbers.
Focus on Diversifying Global Markets
The Ministry of Trade and Industry is committed to strengthening exports across all sectors and expanding into diverse global markets in the upcoming phase. This involves fostering collaboration between government entities, business communities, and Egyptian exporters to enhance product quality and competitiveness, with the ultimate goal of achieving $100 billion in annual merchandise exports.
Top Export Markets
Saudi Arabia has emerged as the leading market for Egyptian merchandise exports during this period, with a total value of $1.39 billion. Following Saudi Arabia, other significant export destinations include Turkiye, the UAE, Italy, and the US.
Growing Trade Relations with Arab Nations
In a separate development, the value of Egyptian exports to Arab countries saw a notable increase of 8.7 percent year-on-year, reaching $13.6 billion in 2023. Saudi Arabia led among Arab nations in importing from Egypt, with exports totaling $2.7 billion during the year, underscoring the strong trade relations between the two countries.
Projections for Foreign Cash Inflows
The International Monetary Fund has projected that Egypt’s foreign cash inflows will come from various sources, including commodity exports, tourism, Suez Canal revenues, private transfers, and net foreign direct investment. While the fiscal year 2023-2024 is expected to see a total of around $107.3 billion, the IMF anticipates a slight decrease in the following fiscal year to approximately $91.2 billion.