According to the monthly bulletin of foreign trade data issued by the Central Agency for Public Mobilization and Statistics (CAPMS) in Egypt, the value of exports increased by 6.3 percent. Exports amounted to about USD 3.56 billion in November 2024, compared to USD 3.35 billion for the same month of the previous year 2023
This is because of the increase in the value of Egypt's exports of some goods. Egypt's exports of petroleum products increased by 85.5 percent, ready-made garments by 8.7 percent, various pasta and food preparations by 22.9 percent, and fresh fruits by 22.9 percent.
In contrast, Egypt's exports of some commodities decreased in November 2024, as crude oil exports decreased by 25.3 percent, fertilizers by 33.0 percent, soap and cleaning products by 12.6 percent, and frozen or chilled vegetables by 1.4 percent.
The value of imports increased by 3.3 percent, reaching about USD 7.27 billion in November 2024, compared to about USD 7.04 billion for the same month of the previous year. This is because of the increase in the value of some imported commodities. Egypt's natural gas imports increased by 177.6 percent, passenger cars by 11.0 percent, copper and its products by 183.3 percent, and crude oil by 271.9 percent.
However, the value of imports of some goods decreased. Egypt's imports of petroleum products decreased by 19.9 percent, raw materials of iron or steel fell by 14.5 percent, the value of wheat fell by 20.7 percent, and plastics in their primary form fell by 13.9 percent.
Foreign exchange reserves continue to rise
With the continued rise in dollar liquidity, the Central Bank of Egypt (CBE) announced an increase in Egypt's net foreign reserves to USD 47.265 billion in January 2024 from USD 47.109 billion in December 2023.
With the country's foreign exchange reserves improved, the data showed a decrease in Egypt's non-oil trade deficit in 2024 by 4.6 percent year-on-year to USD 37.3 billion, compared to USD 39.1 billion in 2023.
Increased exports drove the decline in January 2025, as Egypt's non-oil exports increased to USD 40.9 billion, up 14.5 percent from 2024. This was the third year of a deficit decline, reaching USD 37.3 billion by the end of 2024, compared to USD 39.1 billion in 2023.
Egypt's imports also increased by 4.6 percent year-on-year to USD 78.3 billion last year because of heavy wheat purchases, despite restrictions imposed by the government to reduce spending on imports, especially on cars and mobile phones.
Egypt hopes to reach an annual export target of USD 145 billion by 2030 by providing incentives to exporting companies that increase the percentage of local components in their industries.
Non-oil commodity exports, remittances from Egyptian expatriates, tourism revenues, the Suez Canal, and foreign direct investment are the most important sources of foreign exchange for the Egyptian economy.
Hassan El Khatib, Egypt's Minister of Investment and Foreign Trade, has said that Egypt's exports represent about 10 percent of the GDP, one of the lowest export rates in the world. El Khatib said these exports are targeted to reach between 20 and 30 percent of the GDP by 2030. He also pointed out that imports represent 20 percent of the GDP, which is not a large percentage.
The Egyptian government is preparing a new programme to support national industry and increase Egyptian exports to various global markets.
Photo: In Egypt, the value of exports increased by 6.3 percent in November 2024 (by Adobe)