The growth in exports was achieved through Egypt’s continued expansion of merchandise exports, said the minister
Egypt’s non-oil exports saw a 16% annual increase during September, hitting $2.56 billion compared to September 2020’s $2.12 billion.
The growth in exports was achieved through Egypt’s continued expansion of merchandise exports, which grew by 25% during the first 9 months of the year, said Minister of Trade and Industry Nevine Gamea.
Egyptian imports dropped in September, said Gamea, noting a 7% decline to record $4.9 billion, compared to $5.29 billion in the same month of last year.
Related > Egypt’s PMI drops to 48.9 despite record high confidence in non-oil sector
Egypt’s trade balance deficit fell by 24%, standing at $2.3 billion last month, compared to September 2020’s $3.8 billion.
According to Gamea, the numbers reflect the government’s efforts to support the local the production and export sectors during the pandemic, which contributed to the preservation of export markets.
During the pandemic, the government launched an immediate payment initiative to support the export industry. In early October, Gamea noted that the initiative had begun its 3rd phase after having issued over 330 certificates worth EGP 874.8 million in the previous phases.
Related > Egypt’s engineering exports climbed 44% in the first 8M of 2021| EECE
The minister also pointed out that that Egyptian exports to the European Union increased to $739 million in September, compared to $463 million during the same period last year, while exports to the USA climbed by 52% to reach $205 million.
Gamea noted that exports of the printing, packaging, paper, literary and artistic works sector and the engineering and electronic goods sector had the highest growth rates at 76 percent and 34 percent respectively when compared to the same period in 2020.
