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Egypt’s exports to the U.S. rise by 34.5 percent in Q1 2024

Egypt targets $191 billion by 2026 from merchandise exports, tourism and Suez Canal revenues.
20.06.24 | Source: economy middle east

Egypt’s exports to the U.S. saw a 34.5 percent increase in the first quarter of 2024, reaching a total of $585.8 million in value, compared to Q1 of 2023. Egypt’s Central Agency for Public Mobilization and Statistics (CAPMAS) revealed in its latest report that garments topped that list of Egypt’s exports to the U.S. with a 9.2 percent annual increase to $168.9 million.

The category that recorded the largest growth in Q1 was exports of fruits and vegetables, which saw a 26.1 percent increase to $23.4 million. In addition, Egypt’s exports of steel and iron to the U.S. saw an 18.4 percent increase to $59.6 million and $29.7 million, respectively.

Egypt’s non-oil exports

Notably, Egypt’s non-oil exports from January to May 2024 rose to $16.5 billion from $15.4 billion in the same period of 2023, marking a 9.8 percent increase, Minister of Trade and Industry Ahmed Samir said. The largest markets receiving Egypt’s exports included Saudi Arabia with $1.391 billion, Turkey with $1.31 billion, the UAE with $1.133 billion, Italy with $974 million, and the U.S. with $904 million.

In 2023, Egypt’s non-oil exports reached $35.631 billion, while imports totaled around $66 billion. Last year, Egypt’s exports to the U.S. declined by 15.5 percent to $1.9 billion from $2.3 billion in 2022. The top exports last year were also garments with a value of $1 billion, declining by 21.7 percent.

Imports from the U.S.

Meanwhile, the country’s imports from the U.S. in 2023 also declined by 22.7 percent to $5.4 billion with grains, oil, and medicinal plants topping the list. Despite recording the highest value, imports of grains, oil, and medicinal plants saw a 66.4 percent decline to $800 million.

Despite challenges in the last two quarters including Red Sea tensions, Egypt seeks to boost annual exports and lower import spending to boost its foreign reserves and decrease its trade deficit. The government now targets $191 billion by 2026 from merchandise exports, tourism, and Suez Canal revenues. Notably, it aims to raise $100 billion from merchandise exports alone by 2026.