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Egyptian exports grow by 49% YoY in 2021

Egyptian exports grow by 49% YoY in 2021

Arab Finance: The total value of the Egyptian exports jumped by 49% year-on-year (YoY) to over $40 billion in 2021, compared to $26.8 billion the year before, Prime Minister Mostafa Madbouly revealed during the inauguration ceremony of six overseas branches of Gosoor on June 4th.

Egypt’s non-oil exports to the African countries recorded $5.4 billion in 2021, growing by 38.5% from $3.9 billion in 2020, Madbouly noted

In the first quarter (Q1) of 2022, Egyptian non-oil exports recorded a growth rate of about 20%, reaching $9.2 billion, versus $7.7 billion in Q1 2021, he pointed out.

The exporting rates of 12 sectors, including engineering and electronics, ready-made clothing, printing and packaging, and paper industries, registered a growth ranging between 5% and 62%, the minister said.

Meanwhile, three industries, namely fuel and mineral oils, plastics, and machines and electric equipment, made up nearly 44.7% of Egypt’s total exports in 2021, he added.

The minister also unveiled that the volume of Egyptian exports saw an unprecedented growth rate of 90% since the implementation of the economic reform program in 2016 until 2021.

The Egyptian government is keen to promote national products in new markets and strengthen external trade ties with all countries, particularly in Africa, he continued.

Additionally, Madbouly remarked that the government is preparing a strategy to boost Egyptian exports to the African countries in accordance with the presidential directives of increasing the country’s commodity exports to Africa to $10 billion by 2025.

In the same vein, the minister highlighted that the government takes all the necessary measures to facilitate global trade in a way that contributes to shrinking the customs release period and cutting the costs of exporting and importing.

Egypt targets to expand its maritime fleet over the coming period to ease the shipping process, reduce costs, and boost the volume of exports, he said.

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