Egypt’s Exports Surge 9.8% as Government Targets $145 Billion Annual Non-Oil Exports by 2030

Egypt’s economy is showing resilience and growth despite global challenges, with exports reaching $16.551 billion in the first five months of 2024, marking a 9.8% increase from the same period in 2023. Ahmed Zaki, head of the Exporters’ Association, attributes this growth to the stability of the exchange rate, direct dealings with banks, and the establishment of new factories serving the export sector.The Egyptian government is pursuing an ambitious strategy to double non-oil exports to $145 billion annually by 2030. This goal is supported by the success of various industrial sectors, including engineering, construction materials, food, and ready-to-wear clothing, which have achieved record-breaking export numbers.In parallel with these developments, Egypt is strengthening its economic ties with the United Arab Emirates. Foreign Minister Dr. Badr Abdel Atti recently met with Emirati investors in Abu Dhabi to discuss investment opportunities in telecommunications, energy, mining, ports, and logistics. The minister emphasized Egypt’s steady economic progress despite global crises and regional challenges, highlighting the country’s increased competitiveness and efforts to attract more foreign direct investment.Further signs of economic stability are evident in the trade deficit, which decreased by 5.1% in June 2024 compared to the same month last year, reaching $2.87 billion. Additionally, the Egyptian pound has shown stability against the US dollar, with the Central Bank of Egypt quoting an exchange rate of 48.37 EGP for buying and 48.51 EGP for selling.Despite these positive indicators, challenges remain. Zaki called for more support for Egyptian industry and trade to address the ongoing economic crisis and increase foreign currency revenue. The government’s efforts to remove administrative and logistical obstacles for investors, coupled with a favorable legislative environment and investment incentives, are seen as crucial steps in attracting further foreign investment and sustaining economic growth.

Key points

• Egypt’s exports reached $16.

551 billion in the first five months of 2024, a 9.

8% increase from 2023.

• The Egyptian government aims to double non-oil exports to $145 billion annually by 2030.
• Egypt is strengthening economic ties with the UAE, focusing on sectors such as telecommunications, energy, and logistics.
• The trade deficit decreased by 5.

1% in June 2024, while the Egyptian pound remains stable against the US dollar.