Egypt's ** and Industry Minister Samir recently said that Egypt's merchandise exports achieved further growth in January this year, with a significant increase in total exports compared with January 2023, and a significant reduction in the deficit. "In 2023, Egypt's commodity exports totaled more than $35 billion. The demand for Egyptian goods in the international market has increased,** and efforts have been made to expand commodity exports in a practical way. Samir said that the positive developments in Egypt's dynamics, as well as the continued optimism about sustained economic growth and diversification, will bring long-term benefits to the country.
According to relevant data, fossil fuels such as oil and natural gas are Egypt's main exports. In 2022, Egypt's fossil fuel exports reached $17 billion, up 45 percent year-on-year4%。At the beginning of 2023, Egypt** announced that its monthly natural gas exports would increase from $600 million to $1 billion in 2024. Egypt is also very rich in agricultural resources, vegetables, fruits and other agricultural products are of high quality and low price, and have a certain competitiveness in the international market. Egypt's Vision 2030 has identified agriculture as one of the key sectors for expanding exports, especially fresh fruits and processed fruits and vegetables. Egypt's Strategic Objectives for Sustainable Agriculture 2030 call for an increase in agricultural exports from US$5 billion in 2019 to US$7 billion by 2025 and US$10 billion by 2030.
In recent years, Egypt has continuously introduced policies and measures to encourage exports, and has achieved certain results. Egypt** has set up official or quasi-governmental institutions such as the Export Promotion Center, the Egyptian Export Association and the Egyptian Export Credit Guarantee Company, and has formulated specific measures to expand exports, such as simplifying export procedures as much as possible, removing export restrictions, establishing a catalogue of industrial and agricultural export products, guiding the pricing of export commodities, and establishing modern procedures to regulate export behavior.
Egyptian Prime Minister Madbouly recently said that it is necessary to make full use of Egypt's existing ports and other infrastructure to maximize Egypt's transit** and promote re-exports. Egypt's Ministry of Transport plans to establish Egypt as a "global** and logistics hub", which includes a strong development of direct and indirect transit** in order to effectively expand exports.
Egypt** believes that strengthening support for a large number of MSMEs and encouraging them to expand their exports will help improve the structure of economic growth and provide more employment opportunities for young people. The Egyptian Ministry of Finance recently announced that it will continue to increase support for micro, small and medium-sized enterprises through tax and non-tax incentives, and vigorously encourage them to earn foreign exchange through exports. The Ministry of Finance has also issued the "Guidelines for Micro, Small and Medium-sized Enterprises Owners", which provides timely reminders and suggestions on the problems that micro, small and medium-sized enterprises may encounter in the export process and how to avoid potential risks.
According to officially released data, in the 2022 2023 fiscal year, Egypt and 14 major countries including China, the United Arab Emirates, Saudi Arabia, and Turkey reached 6746.9 billion US dollars, accounting for 61 percent of the total1%。Egypt is trying to further expand its market in order to increase its share of exports and promote economic growth. Among them, exports to the African continent have become an important entry point. Egypt** has launched a plan to reach US$15 billion in exports to Africa over the next few years to help Egyptian exporters better adapt to the continent market and to establish 12 logistics hubs in six African countries (Kenya, Morocco, Mauritius, Nigeria, Zambia and Algeria) to facilitate exports** to Africa.
Cairo, Feb. 27 (Xinhua) --