Egypt’s non-oil merchandise exports reach $40.8B in 2024: El-Khatib
Updated 1/14/2025 9:06:00 AM
Arab Finance: Egypt’s non-oil merchandise exports increased by 14% to $40.8 billion in 2024, compared to $35.7 billion in 2023, Hassan El-Khatib, Minister of Investment and Foreign Trade, announced.
key sectors that led Egypt’s exports are building materials, chemicals, food industries, and engineering and electronic products, El-Khatib noted.
Meanwhile, the top importing markets from Egypt included Saudi Arabia, the UAE, Türkiye, and Italy, he added.
As per the government’s foreign trade plans, the country seeks to record $145 billion in exports by 2030.
The state aims to create a more competitive and attractive investment climate that suits Egypt and contributes to facilitating business performance, El-Khatib stated.
He also noted that the government is currently implementing further reforms to trade and procedural policies to assist investors and facilitate external trade movement for Egypt.
These reforms involve reducing the customs clearance time to two days in 2025, instead of eight days, he added.
The minister recently highlighted that Egyptian exports reached $40 billion in 2024 for the first time.
Regarding the export burdens refund program, he said the government will work on settling EGP 60 billion in dues to exporters. Accordingly, a sum of EGP 30 billion will be disbursed in cash annually at a value of EGP 8 billion over four years starting from the current fiscal year.
Meanwhile, a total of EGP 25 billion will be allocated to settle tax and customs dues of companies or an outstanding balance on credit, while the remaining EGP 5 billion will be used to settle the state’s dues.
Moreover, El-Khatib highlighted that the new export burdens refund program for FY 2025/2026 would be formed by March 31st at the latest.
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