Egypt’s merchandise exports up by 6% in January, February

Doaa A.Moneim , Tuesday 12 Mar 2024

Merchandise exports rose in January and February by six percent to over $6.1 billion, up from the $5.8 billion recorded in the same months of 2023, Minister of Trade and Industry Ahmed Samir said on Monday.

Port of Alexandria
File Photo: Containers being transferred on a Cargo ship in port of Alexandria. Al-Ahram.

 

Minister Samir said that export volume during these two months also exceeded exports of the same period in 2022 and 2021.

In 2023, the largest markets for Egyptian exports during the same months included Turkey with a value of $551 million, Saudi Arabia with $511 million, Italy with $395 million, Libya with $337 million, and the United States with $315 million.

The government adopts a plan, following President Abdel-Fattah El-Sisi’s directives, to raise merchandise exports to $100 billion annually.

It also has a strategy to collect a total of $191 billion by 2026, mainly through the revenues of merchandise exports, tourism, and the Suez Canal.

However, Egypt’s trade balance deficit in December 2023 jumped to approximately $3.03 billion, up from the $2.57 billion in December 2022, with a 17.8 percent increase, the Central Agency for Public Mobilization and Statistics (CAPMAS) announced on Monday.

The country’s export value decreased by 23 percent to $3.48 billion compared to $4.52 billion in the comparative period, CAPMAS said in its Foreign Trade Data monthly bulletin.

CAPMAS attributed this decline to the value decrease in fertilizer exports by 48.8 percent, petroleum products by approximately 46.8 percent, and natural gas and liquefied gas by 88.1 percent.

Similarly, imports value shrank by 8.2 percent to $6.51 billion in December 2023 compared to $7.09 billion in the corresponding month of 2022.

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