Egyptian Merchandise Exports Soar to $12.91 Billion in First Four Months of 2024
In a remarkable achievement, Egyptian merchandise exports have surged to $12.91 billion during the initial four months of 2024, marking a significant 10 percent increase compared to the previous year.
Ministry Aims to Boost Exports to Reach $100 Billion Target
The Minister of Trade and Industry, Ahmed Samir, has emphasized the importance of the continuous rise in merchandise exports for the fourth consecutive month. The ministry is determined to enhance exports from all production sectors to global markets in the upcoming phase, aiming to achieve the ambitious target of $100 billion in annual merchandise exports.
Saudi Arabia Leads as Top Market for Egyptian Exports
Saudi Arabia has emerged as the largest market for Egyptian merchandise exports during the first four months of 2024, with a value of $1.1 billion. Other key markets include Turkiye, Italy, the UAE, and the US, showcasing the diverse reach of Egyptian products.
Key Sectors Driving Egyptian Exports
The main sectors contributing to Egyptian merchandise exports include building materials, food industries, chemical products, fertilizers, agricultural products, engineering goods, electronic products, and ready-made garments. Notable export items that saw an increase in value include citrus, gold, and nitrogen fertilizers.
IMF Projects Positive Outlook for Egypt’s Foreign Cash Inflows
The International Monetary Fund has projected a positive outlook for Egypt’s foreign cash inflows, with expectations from commodity exports, tourism, Suez Canal revenues, private transfers, and net foreign direct investment. Despite a projected increase in cash revenue for the fiscal year 2023-2024, the IMF anticipates a slight decrease in the following year.