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Egyptian Minister of Trade and Industry: Egypt's non-oil commodity exports increased by 9.8 in the first five months of this year

Release time:

2024-06-24 05:46

Source Event Xinhua Finance

Reporter Zhang Jian

According to Egyptian media reports, Egyptian Minister of Trade and Industry Ahmed Samir said on the 18th that from January to May 2024, Egypt's non-oil exports reached 16.5 billion billion U.S. dollars, an increase of 9.8 percent over the same period last year.

According to the export destination, Egypt's largest export market is Saudi Arabia, with an export value of US $1.391 billion. The other countries with more exports are Turkey, the United Arab Emirates, Italy and the United States, with export values of US $1.31 billion, US $1.133 billion, US $0.974 billion and US $0.904 billion respectively.

By export category, Egypt exported $3.8 billion in construction materials, $2.6 billion in processed food, $2.4 billion in chemical products, $2.1 billion in engineering and electronic products, and $1.7 billion in garments.

It is understood that Egypt is trying to increase exports and reduce imports in order to increase foreign exchange reserves and narrow the trade deficit. The Egyptian government's goal is to achieve foreign exchange earnings of US $191 billion by 2026. These foreign exchange earnings mainly rely on commodity exports, tourism and Suez Canal revenues. Among them, the annual target for commodity exports is US $100 billion.

In 2023, Egypt's non-oil exports will reach $35.631 billion billion and imports will reach nearly $66 billion.

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