Egypt seeks to increase agricultural exports to $3.6 billion in 2022-2023, up from $2.4 billion in the fiscal year (FY) 2020-2021, according to a government statement.
Despite the high cost of Egyptian imports, the government plans to double export figures in the coming FY.
Also among the plans is to activate the volume of industrial exports and work to increase it during the new FY22-23, by at least 15 percent, to reach $30 billion.
According to Egypt’s Agricultural Crops Export Council, the value of Egypt’s exports of agricultural crops witnessed an increase of 11.1 percent during the first 8 months of the 2021/22 export season, to record about $1.909 billion, compared to $1.718 billion, year-on-year, with a growth of 10.5 percent.
Egypt recently devalued its currency, which may open new export markets.
On Wednesday, Hala Al-Saeed, Egypt’s Minister of Planning and Economic Development, revealed during yesterday’s cabinet meeting, that the Egyptian economy grew by 7.8 percent in the first nine months of FY 2021/2022, compared to 1.9 percent the previous year.
According to the minister, Q3 of FY (January-March 2022) saw a 5.4 percent increase, with the real growth rate forecast to reach 6.2 percent by the end of the current FY.
