Egypt supports exportered by EGP 40.7 bln in 10 years: CAPMAS

Ahram Online , Tuesday 10 Oct 2023

Egypt has supported exports by EGP 40.7 billion ($1.32 billion) during the last 10 years, according to data released by the Central Agency for Public Mobilization and Statistics.

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.

 

As a result, the country’s total exports from domestically made products reached $143.1 billion in a decade.

Egypt’s annual exports nearly doubled to $21.2 billion in 2022 from $10.9 billion in 2016.

The Egyptian government is currently applying the six phases of an initiative to support exporters. The government has disbursed more than EGP 50 billion to exporters since the launch of the initiative in October 2019.

In 2022, Egypt announced an ambitious goal to increase annual exports gradually to $100 billion in five years.

Increasing exports will aid the Egyptian government’s plans to bring in $191 billion in annual revenues by 2026, up from the current figure of $70 billion.

The country's trade deficit dropped by 23.59 percent to $33.16 billion in FY2022/23, down from $43.39 billion in FY2021/22.

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