Egyptian exports to Africa have experienced a remarkable surge, exceeding expectations and highlighting the country’s growing economic ties with the continent.
Minister of Trade and Industry Ahmed Samir announced on Sunday that exports to African nations climbed 13% year-on-year (YoY) between January and October, reaching a total of $6 billion.
This impressive growth outpaced the $5.5 billion estimate by the Egyptian Chamber of Chemical Industries, a testament to the robust demand for Egyptian goods across Africa.
Top exports include marble, cement, polyethylene, and phosphate fertilizers, indicating a diverse range of products driving the trade boom.
“This significant increase reflects the success of our efforts to diversify export markets and strengthen our trade partnerships with African nations,” Samir stated during a meeting with Prime Minister Mostafa Madbouly. He emphasized the government’s commitment to further bolstering intra-African trade, praising initiatives like the African Continental Free Trade Area (AfCFTA) for unlocking new opportunities.
The news comes amidst broader positive developments in Egypt’s trade landscape.
In June, President Abdel Fattah El-Sisi announced that trade volume between Egypt and the Common Market for Eastern and Southern Africa (COMESA) countries reached $4.3 billion in 2022.
Additionally, the country’s trade deficit saw a significant decline of 23.59% during the fiscal year 2022/2023, attributed primarily to a decrease in non-oil imports.
This confluence of factors paints a picture of an Egyptian economy on the rise, leveraging its strategic location and resource base to build stronger trade ties with its African neighbors.
With continued efforts to diversify exports and deepen regional partnerships, Egypt’s African trade boom is poised to continue in the years to come.