Egypt’s ranking in international trade indicators has improved, advancing 14 places to 82nd in the infrastructure and market access index in 2023 from 96th in 2013, according to an Egyptian Cabinet’s report.
The report said that the index measures the quality of infrastructure that enables the flow of trade to and from international partners, It is issued by Legatum Institute, which is responsible for issuing The Legatum Prosperity Index annually that measures a set of indicators related to growth and opportunities for enhancing prosperity and prosperity.
Egypt also advanced 9 places to 65th in the index of regional trade agreements in 2021 compared to the 74th place in 2015, the report highlighted, noting that the index depends on the numbers of trade agreements in force regarding goods and services.
The report highlighted the improvement of Egypt’s points in the trade openness index, to record 43.27% in 2019 compared to 36.92% in 2014, noting that the index depends on the total country’s exports and imports as a percentage of GDP, and is issued by Our World In Data.
The report added that Egypt advanced 1.8 points in the trade and business index, to score 4 points in 2023 compared to 2.2 points in 2020, noting that the index is one of the sub-indicators for measuring the soft power of a country by evaluating the volume of trade exchange with countries of the world and the ease of starting a business and owning a strong economy.
The report showed that Egypt advanced 4 places in the value of exports in the world, as it ranked 61st in 2021 compared to 65th in 2014. While it ranked third in Africa according to the value of exports in 2021, according to Trade Map, which is a map that displays statistics on trade, developed by the UNCTAD International Trade Center and the World Trade Organization.
The report indicated that Egypt was among the best countries in improving the value of exports of goods and services in 2021 compared to 2015, according to UNCTAD.
The report revealed a significant increase in the value of exports, which recorded $51.6bn in 2022 compared to $43.6bn in 2021, $29.3bn in 2020, $30.5bn in 2019, and $29.3bn in 2018. In addition to, $26.3bn in 2017, $22.5bn in 2016, $22bn in 2015, and $27.6bn in 2014.
The report stated that the average value of exports recorded $31.4bn in the period from 2014 to 2022, compared to $23.3bn in the period from 2005 to 2013, and $4.5bn in the period from 1995 to 2004.
The report highlighted a decline in the trade balance deficit as a percentage of GDP. It recorded 9.1% in 2021/2022, compared to 9.9% in 2020/2021, 9.5% in 2019/2020, 12% in 2018/2019, and 14.2% in 2017/2018, 15.9% in 2016/2017, 11.5% in 2015/2016, 11.7% in 2014/2015, and 11.2% in 2013/2014.
The report monitored the situation of foreign trade during the year 2022, pointing out that the relative change in the value of exports is higher than the relative change in the value of imports. The value of exports increased by 87%, to record $51.6bn compared to $27.6bn in 2014, while the value of imports increased by 27.7%, to record $94.5bn, compared to $74bn in 2014.
The report showed that the total export subsidy disbursed from 2013/2014 until December 2022 amounted to approximately EGP 55.4bn for more than 2709 companies, while EGP 10bn will be disbursed during the sixth phase of the immediate cash payment initiative, noting that export contracts worth $3bn were concluded in various sectors.
