Egypt's exports surge 19.4% in 2022, exceeding $52 bln: CAPMAS

Ahram Online , Sunday 10 Dec 2023

Egypt’s exports increased by 19.4 percent in 2022 to reach $52.1 billion, up from $43.6 billion in 2021, according to the data released by the Central Agency for Public Mobilization and Statistics (CAPMAS) on Saturday.

File Photo: A general view of Port of Alexandria. courtesy of RSMT website.
File Photo: A general view of Port of Alexandria. courtesy of RSMT website.

 

CAPMAS attributed this increase to the growth in non-oil and petroleum exports alike, which witnessed a rise of nine percent and 50.1 percent, reaching $35.5 billion and $16.6 billion, up from $32.6 billion and $11 billion respectively.

Finished goods accounted for 41.2 percent of the country’s exports in 2022, followed by fuel, which comprised 33.5 percent of the overall export value.

Additionally, Egypt's exports of natural gas and liquefied natural gas (LNG) skyrocketed by 152.7 percent to $9.9 billion in 2022, compared to $3.9 billion in 2021, as noted in CAPMAS' annual foreign trade bulletin.

Furthermore, exports of ready-made clothing, as well as gold and platinum-coated gold increased by 21.7 percent and 46.8 percent to $2.5 billion and $1.6 billion, respectively.

Turkey topped the list of importers of Egyptian goods in 2022, accounting for 7.6 percent of Egypt’s exports, or $4 billion, in 2022, representing a 32.4 percent increase over the previous year.

Spain placed second, with imports amounting to 7.4 percent of Egypt's total exports, or $3.9 billion, an increase of 105.8 percent from $1.9 billion.

Italy and Saudi Arabia followed closely, purchasing 6.5 percent and 4.8 percent of the country's total exports, respectively.

Alexandria Port was the busiest port of departure, with 36.4 percent of Egypt’s exports leaving through it, followed by Suez Port with 22.4 percent.

Imports

Imports rose by 7.8 percent in 2022 to reach $96.2 billion, up from $89.2 billion in 2021.

Non-oil and petroleum imports also grew, with a rise of 4.4 percent and 35 percent, reaching $82.7 billion and $13.5 billion respectively.

China, Saudi Arabia, the United States of America, and Russia were the primary sources of Egypt's imports, accounting for 15.3 percent, 8.2 percent, 7.2 percent, and 4.4 percent, respectively.

Furthermore, Egypt's annual exports nearly doubled in 2022 compared to the $10.9 billion recorded in 2016, according to previous data released by CAPMAS.

To bolster its export sector, the Egyptian government has taken noteworthy steps, including the allocation of an EGP 2 billion ($64.73 million) in August for the sixth phase of the cash repayment initiative, aimed at incentivizing exporters.

Moreover, the country has set its sights on an ambitious target of reaching a total annual export value of $100 billion by 2030.

By increasing its exports, Egypt aims to support the government's visionary plan to generate a $191 billion in annual revenues by 2026, compared to the current figure of $70 billion.

Short link: