Stable demand of Egyptian products and its competitiveness in foreign markets, as well as the ministry’s efforts to maintain and expand to new export markets, contributed to Egypt’s positive growth in exports during Q1 2022
Egyptian non-oil exports saw an incline of 20% during the first quarter of 2022, reaching $9.17 billion, compared to $7.67 billion in Q1 2021, revealed Minister of Trade and Industry, Nevine Gamea.
Stable demand of Egyptian products and its competitiveness in foreign markets, as well as the ministry’s efforts to maintain and expand to new export markets, contributed to Egypt’s positive growth in exports during Q1 2022, she added.
Gamea also noted the implementation of the Export Development Fund’s immediate disbursement of export subsidies initiative as a contributor to Egyptian exports’ success and growth despite global economic challenges.
Commodities that saw significant increases were printing, packaging, paper, books and technical works sector by 59% to reach $312 million, ready-made clothing by 44% hitting $435 million, building materials by 35% to record at $1.905 billion, the spinning and textile sector’s exports grew 32% to hit $279 million, and engineering and electronic goods by 31% to reach $977 million.
Other export news > Engineering exports climb 32% in Q1 2022 due to high external demand
Trade agreements signed between Egypt and various countries and global economic blocs provide the country with a stable ground for Egyptian exports to compete in regional and global markets, with many global markets depending on Egyptian products in the current period in light of geopolitical issues and continued ramifications of the pandemic, wrote a ministry statement.
Global blocs that received the most Egyptian exports in Q1 2022 were African countries (excluding Arab countries) valued at $515 million at an increase of 35%, the Arab League at $2.99 billion at a 28% incline, the US going up by 21% at a value of $623 million, and the European Union with $2.505 million at an increase of 14%.
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By country, the largest receiving markets were the US, valued at $623 million, KSA at $601 million, Turkey with $565 million, Italy at $580 million, and the UAE with $579 million.
