Egypt’s total exports reached $24.097bn during the first seven months of 2024, according to Essam El-Naggar, Chairperson of the General Organization for Export and Import Control (GOEIC).
El-Naggar made the announcement at the 1st Expo Consultants Global Conference in Cairo, which focused on the role of international exhibitions in boosting Egypt’s exports and achieving the government’s target of $145bn in annual exports.
He noted that exports rose in July by approximately $325m, an increase of 12%, reaching $3.146bn compared to $2.821bn in the same month of 2023. Egyptian imports in July reached around $6.5bn, compared to $6.222bn in July 2023, marking a 4% increase.
El-Naggar also highlighted that Arab countries were the top market for Egyptian exports during the first seven months of the year, with approximately $8.616bn in exports, followed by European Union countries with $5.972bn. The United States ranked third with $1.333bn, while African countries came in fourth with $1.255bn. The remaining countries accounted for $5.802bn.
The building materials sector topped the list of exporting sectors during the period from January to July, with approximately $5.599bn in exports. It was followed by the chemicals and fertilizers sector with $4.509bn. The food industries sector ranked third with $3.669bn, followed by the engineering and electronic goods sector in fourth place with $3.098bn. The agricultural products sector came in fifth with $3.022bn, followed by the ready-made garments sector with $1.563bn. The textiles sector ranked seventh with $638m, followed by the medical industries sector with $395m, and thenthe furnishings sector with $357m.
El-Naggar announced that GOEIC is establishing the first biotransformation laboratory in Egypt and the Middle East, aiming to have it operational before the end of the year. The organization is working with the US Agency for International Development (USAID) to obtain international accreditation in coordination with Greece.
“Egypt is seeking international accreditation for this laboratory to assist small producers and coordinate with the European Union, which has not yet defined the standards and criteria for such laboratories,” El-Naggar said. He noted that a meeting with the European Union to establish these standards was held the previous day, as approximately 25% of Egyptian exports are directed to Europe.
El-Naggar also emphasized that Egypt is striving to comply with carbon footprint requirements in the export process.
Yasmina El-Husseiny, Head of Strategic Planning at the Export Development Bank, announced the launch of the “ebank-Tradeword.com” platform in October. The platform aims to connect small and medium exporters with importers, targeting 400 exporters in the first phase with a goal of reaching 1,500 exporters within the first year.
“Through a coding system, exporters can engage with various suppliers and obtain the best prices,” El-Husseiny said. She added that the platform allows exporters to interact with more than 12 global banks and 25,000 clients and that the bank will offer awareness, education, and training programs to exporters to help them penetrate foreign markets and open up new export opportunities.
Amr Hazaa, Head of the Arab Countries Department at the Egyptian Commercial Service (ECS), highlighted the ECS’s role as Egypt’s economic arm abroad in all fields.
“The ECS’s offices provide exporters with the necessary market studies for entering markets, in addition to supplying information, data, and requirements for accessing those markets,” Hazaa said. He also noted that the Commercial Service offices recommend exhibitions for Egyptian companies to participate in, organize trade missions for companies, and arrange meetings between Egyptian exporters and their counterparts from other companies.
Kamal El-Dessouky, a member of the Federation of Egyptian Industries, highlighted the Ministry of Foreign Trade’s significant role in developing Egyptian exports, which is in line with the government’s goal of increasing exports to $145bn.
“The growth of Egyptian exports is an achievable dream, which can help reduce the pressure on foreign currencies in the country and establish a strong presence in global markets by expanding participation in international exhibitions,” El-Dessouky said.
He urged the need to focus on exports in the planning of the industrial process, prioritize Egyptian industry in local markets, provide industrial financing with interest rates not exceeding 7%, and create a secure industrial and investment environment for the industrial sector.
He also emphasized the importance of supporting exports and international exhibitions as one of the most crucial tools for marketing and increasing export volumes. He encouraged companies to engage with the Foreign Trade Training Centre to support their efforts in exportation.
