São Paulo – Egypt’s merchandise exports soared by 9.8% year-on-year in the first five months of 2024 to reach USD 16.55 billion, according to Egypt’s Minister of Trade and Industry.
Key export sectors included building materials, valued at USD 3.86 billion, the food industry at USD 2.64 billion, and chemical products and fertilizers estimated at USD 2.49 billion, Arab News reported.
Notable items that contributed to the growth included fresh and dried citrus fruits valued at USD 721 million, wires at USD 353 million, and manufactured petroleum oils at USD 186 million.
Top destinations of exports
Saudi Arabia emerged as the top market for Egyptian merchandise exports during this period, totaling USD 1.39 billion.
Following Saudi Arabia, Türkiye accounted for USD 1.31 billion, the United Arab Emirates at USD 1.13 billion, Italy with USD 974 million, and the United States at USD 904 million.
Egypt targets at achieving USD 100 billion in annual merchandise exports.
Last month, the International Monetary Fund (FMI) projected that Egypt’s foreign cash inflows would come from five sources, including commodity exports, tourism and Suez Canal revenues, as well as private transfers and net foreign direct investment.
Read more:
Egypt hikes bread price for 1st time in decades
Translated by Guilherme Miranda
