Looking beyond experiments, it would be beneficial to replicate China's successful export experience to Africa.
Egyptian commodity exports to the continent reached $1.611 billion, while imports from Africa amounted to $506 million - File Photo
The Egyptian government, in coordination with the private sector, is intensifying efforts to maximize the quantity and value of exports to various countries worldwide.
As part of Egypt's plan to reach $100 billion in exports within three years, these endeavors focus on several mechanisms, including the opening of new markets and competing with established exporting nations in order to secure a suitable market share. This is particularly crucial for Africa, where Egyptian exports amount to a modest $5.2 billion annually.
Despite ongoing efforts, the figures achieved in the first quarter of the current year still fall short of ambitions, with African exports totaling a mere $10 billion. Numerous challenges and difficulties impede the process, hindering the full utilization of trade agreements.
According to official figures, the trade volume between Egypt and African markets amounted to approximately $2.117 billion during the first quarter of this year. Egyptian commodity exports to the continent reached $1.611 billion, while imports from Africa amounted to $506 million.
Undoubtedly, these numbers call for the activation of the "Trade Bridges" project through Nasr Company for Export and Import, which had a significant impact in Africa in previous years but has recently experienced a notable decline.
Determined efforts are underway to revive its role through the establishment of reliable outlets and the activation of the Mombasa route.
Looking beyond experiments, it would be beneficial to replicate China's successful export experience to Africa. The close proximity between Egypt and African countries, coupled with strong bilateral relations, further supports this notion.
Highlighting the trade relations between China and the continent, according to Chinese customs data, bilateral trade between the two parties reached a record $282 billion last year, marking an 11% increase compared to 2021.
Chinese exports to African nations rose by 11.2% during the previous year, reaching $146.49 billion. Meanwhile, China's total imports from Africa amounted to approximately $117.51 billion during the same period. The increase in Sino-African trade value last year was primarily driven by the rising prices of essential commodities, as the Asian giant remains a major consumer.
China exports textile industries, machinery, and electronics to Africa while importing raw materials such as crude oil, copper, cobalt, and iron ore from the continent. This has resulted in a trade surplus in favor of China.
Efforts to enhance Egypt's export sector and expand into new markets have gained momentum in recent years. The country has implemented economic reforms, including improvements in business regulations and the facilitation of trade processes.
Moreover, Egypt's strategic location at the crossroads of Africa, Asia, and Europe positions it as a gateway for trade and investment, providing ample opportunities for increased export volumes.
