Non-petroleum exports jumped by 26% year-on-year (YoY), reaching $26.9 billion during the first 10 months of 2021
Non-oil exports saw record highs in terms of revenues in 2021, hitting $31 billion at the end of the year, revealed Prime Minister Mostafa Madouly on Sunday, a significant incline compared to 2020’s $25.2 billion.
Non-petroleum exports jumped by 26% year-on-year (YoY), reaching $26.9 billion during the first 10 months of 2021.
The growth in revenues was attributed to increased demand for Egyptian products, including chemical products and fertilizers, construction materials, foodstuffs, engineering and electronic goods, agricultural crops and clothes, in addition to printed materials, paper and packaging and textile, furniture, and medical industries products.
The government’s program to refund export burdens, the immediate payment initiative through the Export Development Fund, significantly contributed to the growth of exports.
The Prime Minister vowed to continue efforts to increase Egyptian exports across all sectors as one of Egypt’s main sources of foreign currency, explained a statement by the cabinet.
The prime minister’s comments were made during a meeting Sunday with Minister of Trade and Industry Nevine Gamea and Minister of Agriculture Said El-Qosair.
Want to stay up to date with Trade news? Read the latest Egyptian trade news here
As of December 30 2021, Egypt’s Export Development Fund recorded a disbursal of a total of EGP 20.6 billion under its immediate disbursement of export subsidies initiative to around 1,751 companies, while the Suez Canal recording revenues of $6.3 billion during 2021, marking the highest in its history.