Egypt’s non-oil exports grow by 20 percent in 1Q 2022: Trade minister

Doaa A.Moneim , Thursday 28 Apr 2022

Egypt’s non-oil exports grew by $1.5 billion - 20 percent - in the first quarter (1Q) of 2022 (January-March) to reach $9.1 billion, up from $7.6 billion in 1Q 2021 despite the global economic challenges., according to Minister of Trade and Industry Nevine Gamea.

non-oil exports
(Photo: Ahram Weekly)

 

Gamea attributed the growth in non-oil exports to the stability of global demand for Egyptian products across all production sectors and the upgrade of Egyptian products' competitiveness in international markets.

She noted that the cash repayment initiative for exporters' arrears and other export support initiatives as one of the key drivers behind the increase in Egyptian exports during 1Q 2022, in addition to the free trade and preferential agreements Egypt signed. 

Since the launch of these initiatives in October 2019, the government has disbursed EGP 33 billion among over 2,500 export companies. 

“A number of international markets are currently relying on Egyptian products in light of the production slowdown in many countries as a result of the ongoing geo-political tensions and the impact of the COVID-19 pandemic,” the minister added.

Egypt has a strategic plan to increase exports to $100 billion per annum under the directives of President Abdel-Fattah El-Sisi, added Gamea.

African markets – excluding Arab countries – topped Egyptian export destinations in 1Q 2022 with a total value of $515.3 million, growing by 35 percent compared to 1Q 2021. 

Arab League countries come next with a total of $2.9 billion (28 percent growth), the US with $623 million (21 percent increase), and European Union countries with a total of $2.5 million (up by 14 percent), added Gamea. 

On a sectoral level, printing and packaging exports attained the highest increase in 1Q 2022 among 11 export sectors, increasing by 59 percent compared to 1Q 2021 to reach $312 million, followed by ready-made garment exports that rose by 44 percent to record $625 million. 

Construction material exports increased by 35 percent to post $905 million, and textiles exports inched up by 32 percent to reach $279 million. 

Electronic and engineering industry exports edged up in 1Q 2022 by 31 percent to record $977 million, while chemicals and fertilisers exports grew by 23 percent to reach $935 million.

The top markets that received Egyptian exports in 1Q 2022, the minister stated, include the US ($623 million), Turkey ($565 million), Italy ($580 million), the UAE ($579 million), Spain ($284 million), Britain and North Ireland ($274 million), India ($274 million), Libya ($271 million), and Sudan ($265 million).

Egypt’s exports recorded an all-time high of $45.2 billion in 2021 despite the pandemic, Gamea stated. 

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