Egypt's non-oil exports rise to $9.17B during Q1 of 2022

  • 29 April 2022 / News / 61 / Fares RAHAHLIA


Egypt's non-oil exports rise to $9.17B during Q1 of 2022
CAIRO - 28 April 2022: Egypt’s non-oil exports recorded about $9.17 billion during the first quarter of 2022, compared to $7.67 billion during the same period in 2021m with an increase of $1.5 billion or 20 percent, according to Minister of Trade and Industry, Nevine Gamea.
 
The minister said in a statement, Thursday, that the tangible positive indicators achieved by Egyptian commodity exports during the first quarter of this year, despite the global economic repercussions resulting from the Russian-Ukrainian war and the Coronavirus pandemic, are due to the stability of global demand for Egyptian products in various productive sectors and maintaining markets, exporting and opening new markets, in addition to the high competitiveness of the Egyptian product in foreign markets, as well as benefiting from all available export opportunities, especially in the markets of the African continent.
 
She pointed out that the implementation of the new program to support exports and reimburse the burdens, and the continuation of the programs to pay the overdue export dues at the Export Development Fund contributed to the continued achievement of Egyptian exports to significant growth rates despite the great global economic challenges.
 
Gamea added that the free and preferential trade agreements signed with a large number of countries and global economic blocs provide a solid ground for Egyptian exports to compete in a number of regional and global markets, noting that the current period is witnessing the dependence of a number of global markets on the Egyptian product, especially in light of the slowdown in the production process in a large number of countries due to the current geopolitical tensions and the repercussions of the Coronavirus pandemic.
 
The minister pointed out that, according to the report prepared by the Foreign Trade Data Warehouse at the General Organization for Export and Import Control, it was clear that the geographical distribution of Egyptian exports during the first quarter of 2022 included the African continent excluding the Arab countries at a value of $515 million, compared to $382 million during the same period of 2021, with an increase of 35 percent.
 
Arab States recorded a value of $2.998 billion, compared to $2.342 billion during the same period in 2021, an increase of 28 percent.
 
The report included the United States of America, with a value of $623 million, compared to $513 million during the same period in 2021, an increase of 21 percent, and the European Union, with a value of $2.5 billion, compared to $2.19 billion during the same period in 2021, an increase of 14 percent.
 
Other markets worth $2.53 billion, compared to $2.23 billion during 2021, with an increase of 13 percent.
 

source: egypttoday