Egyptian Merchandise Exports Reach Record High in 2024

In 2024, Egypt’s merchandise exports hit their highest rate during the first 5 months, reaching $16.5 billion, up from $15.74 billion in the same period of 2023. This increase represents a 9.8% jump and is attributed to the opening of many factories, especially in the engineering industries sector.

Engineer Ahmed Samir, Minister of Trade and Industry, made this announcement during a press conference yesterday. He explained that merchandise exports had been rising for five consecutive months, reaching a total of $16.551 billion during the first five months of 2024. This was an increase of $1.477 billion compared to the same period in 2023 and accounted for almost all of Egypt’s foreign currency earnings for this year.

The Minister also highlighted that Egyptian commodity exports have been increasing steadily over the past few years as a result of government initiatives aimed at improving export indicators and promoting Egyptian products in various regional and global markets. He stated that he hoped to continue this trend in the next phase by increasing Egyptian commodity exports further, with a focus on quality and competitiveness in order to boost Egypt’s economy and improve its standing in the global marketplace.

According to data provided by the General Authority for Export and Import Control, building materials, food industries, chemical products and fertilizers, and agricultural crops were among the most important export sectors during the first five months of 2024. Fresh and dried citrus fruits were one of the most prominent export items that saw an increase in structure during this period