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Egypt's commodity exports soar in January, surpassing the $3 billion mark

Egypt's commodity exports soar in January, surpassing the $3 billion mark

Posted on February 26, 2024   |  

Egypt's commodity exports surged in January, exceeding $3 billion, a substantial increase from January 2023's $2.8 billion.

This growth led to a decline in the trade deficit, with imports dropping significantly by 40% to $4.476 billion compared to $7.520 billion in January 2023.

The trade deficit saw a notable reduction of 68% in January, decreasing to $1.464 billion from $4.634 billion in January 2023.

Top export markets included Turkey, Saudi Arabia, Italy, the UAE, the USA, and Libya.

Major export sectors in January comprised construction materials, agricultural products, chemicals, food industries, engineering goods, and garments.

Other contributing sectors encompassed textiles, printing, packaging, furnishings, medical for industries, furniture, handicrafts, and leather products.

Egypt's positive trade trends have fostered optimism among stakeholders for sustained economic growth and diversification.

The government aims to enhance Egypt's US dollar reserves, targeting a collection of $191 billion by 2026, leveraging exports alongside remittances and Suez Canal revenues.



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