Egypt’s exports jump 6.5% to $45.3 billion in 2024: CAPMAS
The increase, driven by a surge in non-oil goods, comes as the country adopts a strategy to boost exports, a key source of foreign currency.
The Central Agency for Public Mobilisation and Statistics (CAPMAS) said in its annual foreign trade bulletin that non-oil exports were the main driver of growth, rising 14.4 percent to $39.9 billion. In contrast, petroleum and electricity exports declined by 29.1 percent to $5.5 billion.
Finished goods accounted for the largest share of exports at 54.1 percent, followed by semi-finished goods at 23.2 percent and raw materials at 11.2 percent.
Among the top-performing export items, gold and platinum-coated raw forms surged 77.7 percent to $3.2 billion. Plastics and plastic products rose 27.3 percent to $2.3 billion, and ready-made garments increased 17.2 percent to $2.8 billion.
Iron and iron products grew 4.4 percent to $2.3 billion, while insulated electrical wires and cables climbed 23.6 percent to $1.4 billion.
Saudi Arabia remained Egypt’s top export destination, receiving 7.7 percent of total exports. Shipments to the kingdom rose 31.1 percent to $3.5 billion. Turkey ranked second with 7.6 percent, though exports declined 6 percent to $3.4 billion.
The UAE came third with 7.2 percent, as exports jumped 47.5 percent to $3.3 billion. Italy followed with 7.1 percent, with exports falling 1.5 percent to $3.2 billion.
By economic bloc, Arab countries received the largest share of Egypt’s exports at 36.2 percent, followed by Western Europe (25.9 percent) and Eastern Europe (18.1 percent).
Alexandria Port handled the largest volume of exports at 31.1 percent, followed by Cairo International Airport (14.8 percent), 10th of Ramadan Dry Port (10.4 percent), Damietta (7.9 percent), Suez (7.5 percent), and Dekheila (5 percent).
Imports rise
Egypt’s total imports rose to $95.3 billion in 2024, up 13.2 percent from $84.2 billion in 2023, the CAPMAS reported.
Non-oil imports increased 9.2 percent to $79.2 billion, while petroleum imports surged 38.3 percent to $16.1 billion.
Intermediate goods made up the largest share of imports at 35.8 percent, followed by fuel (17.3 percent), non-durable consumer goods (16 percent), and investment goods (14.6 percent).
Imports of corn fell 8.5 percent to $2.3 billion. Wood and wood products declined 2.4 percent to $1.2 billion, while crude oil imports dropped 50.5 percent to $0.9 billion.
China remained Egypt’s primary source of imports, accounting for 16.5 percent of total imports. Shipments from China rose 18.7 percent to $15.7 billion. Saudi Arabia ranked second with 8.3 percent, followed by the United States (8 percent) and Russia (6.4 percent).
By economic bloc, Asia led with 30.6 percent of Egypt’s imports, followed by Western Europe (21.5 percent) and Eastern Europe (16.5 percent).
Alexandria Port handled the largest share of imports (22.1 percent), followed by Cairo International Airport (20.8 percent), Ain Sokhna (12.3 percent), Dekheila (11.7 percent), Damietta (10.9 percent), and Suez (9.9 percent).
Egypt’s trade deficit declined by 17.8 percent year-on-year (YoY) in May to $3.4 billion, down from $4.2 billion in May 2024, CAPMAS reported in August.
An International Monetary Fund (IMF) mission is expected to arrive in Cairo within the coming weeks for the discussions concerning the completion of the fifth and sixth reviews of the current Extended Fund Facility (EFF) $8 billion loan programme.