Egypt’s Prime Minister Mostafa Madbouly announced that the country’s imports are projected to reach $105 billion, while exports are expected to hit $115.8 billion by 2030. Over the next three years, the Egyptian government aims to accelerate growth while simultaneously reducing inflation and managing both internal and external debt ratios, according to a statement.
Read more: Saudi-Egypt trade surpasses $58 billion in five years
The digital economy in Egypt has already attained a value of EGP276 billion (roughly $5.49 billion). Despite the myriad global challenges facing nations worldwide, there exists a cautious optimism regarding the global economy this year.
Madbouly stated, “I diligently monitor all media and social media discussions about the Egyptian economy, and I hope we can implement all proposed visions and initiatives moving forward.”
He acknowledged the significant burdens and pressures that Egyptian citizens have faced over the past five years due to economic challenges. The government recognizes citizens’ concerns and frustrations regarding the current situation and is committed to addressing these economic obstacles through ongoing consultations with the private sector to enhance future conditions.
UAE leads Egypt’s foreign trade with $9.3 billion in 2023/2024
The UAE has emerged as Egypt’s largest trading partner for the fiscal year 2023/2024, with a total trade volume of approximately $9.3 billion. This includes $5.6 billion in imports from the UAE and $3.7 billion in exports to the nation, highlighting a robust economic relationship. Overall, Egypt’s foreign trade reached around $104.7 billion, comprising $72.1 billion in imports and $32.6 billion in exports, as reported by the Central Bank of Egypt (CBE).
Trade exchanges with Egypt’s top 14 partners accounted for 64.6 percent of its total foreign trade, amounting to about $67.6 billion. Notable partners include Saudi Arabia and China, each with trade volumes of $7.2 billion. Germany and the UK followed, recording $5.2 billion and $4.8 billion, respectively.
Additionally, trade with other countries not in the top 14 reached $37.1 billion. This diverse trading landscape underscores the dynamic nature of Egypt’s international economic ties, as it continues to strengthen its commercial relationships on a global scale.
