Egypt’s non-oil merchandise exports have witnessed a significant increase of 14 percent, rising to $40.8 billion in 2024 from $35.7 billion in 2023, as reported by Hassan El-Khatib, minister of Investment and Foreign Trade. This surge underscores the resilience and growth of Egypt’s trade sector.
Key sectors fueling growth in Egypt non-oil merchandise exports
El-Khatib noted that the primary sectors driving Egypt’s export growth include building materials, chemicals, food industries, and engineering and electronic products. These sectors are pivotal in enhancing the diversity and competitiveness of Egypt’s export portfolio.
The leading markets importing from Egypt include Saudi Arabia, the UAE, Türkiye, and Italy. These partnerships are crucial for bolstering Egypt’s trade relations and expanding its market reach.
In line with the government’s foreign trade strategy, Egypt aims to achieve $145 billion in exports by the year 2030. This ambitious target reflects the country’s commitment to enhancing its global trade position.
Read more: UAE leads Egypt’s foreign trade with $9.3 billion in 2023/2024
Creating a competitive investment climate in Egypt
The Egyptian government is focused on establishing a more competitive and appealing investment climate that caters to local and foreign investors, thereby facilitating smoother business operations. El-Khatib also emphasized that ongoing reforms in trade and procedural policies are designed to support investors and promote external trade movement for Egypt.
Streamlining customs processes for Egypt’s non-oil merchandise exports
Also, as part of these reforms, the government plans to reduce the customs clearance time to just two days by 2025, a significant improvement from the current eight-day period. This initiative further aims to enhance efficiency and speed up the flow of goods.
Recently, the minister highlighted that Egyptian exports reached $40 billion in 2024 for the first time, marking a historic milestone for the nation.
Supporting exporters through financial reforms
Additionally, Regarding the export burdens refund program, El-Khatib stated that the government is committed to settling EGP60 billion in dues owed to exporters. This initiative will further see EGP30 billion disbursed in cash annually, with EGP8 billion allocated each year over four years, starting from the current fiscal year.
Future plans for Egypt’s export burdens refund program
Furthermore, a total of EGP25 billion will be designated to address tax and customs dues owed by companies or outstanding credit balances, while the remaining EGP5 billion is earmarked for settling the state’s dues.
El-Khatib also noted that the new export burdens refund program for the fiscal year 2025/2026 is expected to be established by March 31st at the latest, ensuring continued support for exporters in Egypt.
