Non-oil exports grew thanks to a stable global demand for Egyptian products in various sectors.
Cairo- Apr 28, 2022
Egypt's non-oil exports grew year on year by 20% to register $9.176 billion in the first quarter of 2022, compared to $7.671 billion a year earlier, according to a recent report by the General Organization for Import and Export Control (GOEIC).
"Such export growth despite the global economic fallout of the pandemic and the war in Ukraine is thanks to a stable global demand for Egyptian products in various sectors, as well as the unremitting efforts by the ministry to support all production and export sectors," Gamea said, noting that the new payout program for export subsidy arrears has had a significant role in that too.
Geographically-speaking, exports to Africa (excluding Arab countries) posted $515 million, Arab League markets $2.998 billion, the US $623 million, the EU $2.505 billion and other markets $2.535 billion; rising 35%, 28%, 21%, 14% and 13%.
According to the report, 11 sectors were the key drivers behind export growth in the January-March period, among which are printing and artworks ($312 million), ready-made garments ($625 million), construction materials ($1.905 billion), textiles ($279 million), engineering industries and electronics ($977 million), as well as chemicals and fertilizers ($1.935 billion); with corresponding increases of 59%, 44%, 35%, 32%, 31% and 23%.
Other sectors included: leather ($26 million), home textiles ($183 million), medical industries ($210 million), agricultural industries ($1.33 billion), and finally food industries ($1.19 billion); up 22%, 20%, 19%, 10% and 5% respectively.
The report also cited Egypt's top export markets over the last three months, including: the US, Saudi Arabia, Turkey, Italy, UAE, Spain, Britain and Northern Ireland, India, Libya and Sudan;
with respective sums worth $623 million, $601 million, $565 million, $580 million, $579 million, $284 million, $274 million, $274 million, $271 million and $265 million.