On Monday, the Egyptian government announced that it succeeded in raising the competitiveness of the Egyptian product in the global market and celebrated a historic rise in exports. This came after the government expanded national projects in the industrial, agricultural and mining sectors.
According to the governmental report, there has been an impressive rise in exports and foreign trade following the global trade crisis. The value of exports increased by 18.2 percent amounting to USD34.4 billion, in comparison with USD29.1 billion the year before.
The value of the trade deficit decreased by 6.7 percent, reaching USD41.6 billion in 2020/2021 compared to USD44.6 billion in 2019/2020.
The report also highlighted a 35.5 percent increase in the value of Egyptian exports during the first seven months of 2021, recording USD22.5 billion in comparison with USD16.6 billion in the first seven months of 2020.
The report listed the top five countries importing products from Egypt during 2020/2021:
- Saudi Arabia with USD2.2 billion
- UAE with USD2.07 billion
- USA with USD2.02 billion
- Turkey with USD1.94 billion
- India with USD1.89 billion
Egypt’s non-oil exports to EU reach EUR4.1 billion within eight months
According to the Egypt Independent, the country’s non-oil exports to the European Union (EU) witnessed significant growth during the first eight months of this year, reaching EUR4.1 billion. Last year, Egypt recorded EUR2.9 billion during the same time frame, which is a 38 percent increase.
Egypt’s Minister of Trade and Industry, Nevine Gamea, said this growth came as a result of increasing agreements with 23 EU countries. The most important of which are Spain which increased by 77.5 percent, Italy by 51.6 percent, the Netherlands by 30.7 percent and Germany by 22 percent.
The head of Egyptian Commercial Service, Ahmed Maghawry, said the most important products that witnessed an increase in exports to the EU are fruits, electrical equipment and machinery, certain clothing items, glass, cotton, vegetable and fruit preparations, and ceramics.