Egyptian exports to Africa have experienced a remarkable surge, growing by 13% year-on-year (YoY) to reach $6 billion between January and October 2023, exceeding industry expectations.
This figure, announced by Minister of Trade and Industry Ahmed Samir during a meeting with Prime Minister Mostafa Madbouly, marks a significant leap forward in Egypt’s trade relations with the continent.
The Minister identified top exports driving this growth as marble, cement, polyethylene, and phosphate fertilizers, highlighting the diverse range of Egyptian goods finding strong demand across African markets.
This positive performance surpasses even the optimistic projections of $5.5 billion set by the Egyptian Chamber of Chemical Industries at the Federation of Egyptian Industries (FEI).
Further underpinning these robust trade ties, President Abdel Fattah El-Sisi revealed in June that the volume of trade exchange between Egypt and the Common Market for Eastern and Southern Africa (COMESA) countries stood at $4.3 billion in 2022.
This figure indicates a sustained commitment to regional economic integration and a promising outlook for future growth.
Contributing to this overall economic improvement, Egypt’s trade deficit also narrowed by 23.59% during the fiscal year 2022/2023.
The decline is primarily attributed to a significant drop in non-oil imports, demonstrating the country’s success in diversifying its trade partnerships and promoting domestic production.
The robust performance of Egypt’s African trade presents a positive and dynamic picture of the country’s economic resilience and strategic focus on continental integration. Continued investments in key export sectors, coupled with ongoing efforts to strengthen regional partnerships, promise further expansion and solidify Egypt’s position as a leading trade partner within Africa.
