Egypt's commodity exports surge by 5.3% to $9.6 billion in Q1 2024.
Egypt's Minister of Trade and Industry, Engineer Ahmed Samir, unveiled significant developments in the country's export sector, reporting a notable 5.3% increase in commodity exports during the first quarter of 2024. The surge saw Egypt's exports climb to $9.612 billion, marking a substantial rise from the $9.129 billion recorded during the corresponding period in 2023.
The announcement, made against the backdrop of Egypt's ongoing efforts to boost its export performance and enhance economic resilience, underscores the nation's commitment to expanding its presence in global markets.
Receiving the latest report from the General Organization for Export and Import Control, the minister highlighted key insights into Egypt's export landscape during the first quarter of 2024. The report not only shed light on the overall growth trajectory but also identified the most promising markets for Egyptian goods.
Among the top destinations for Egyptian exports in Q1 2024, Turkey emerged as a significant player, with trade valued at $874 million. Following closely behind, Saudi Arabia recorded trade worth $792 million, emphasizing the robust economic ties between the two nations. Additionally, the United Arab Emirates, Italy, and the United States featured prominently, each accounting for substantial shares of Egypt's export market.
Delving into the specific sectors driving Egypt's export growth, the report highlighted several key commodities that contributed significantly to the nation's export revenue. Notably, fresh and dried fruits emerged as lucrative export items, commanding a value of $625 million. The export of nitrogen fertilizers followed closely behind, generating $421 million in revenue, while insulated wires and cables, petroleum oils, and gold rounded out the list of top-performing export commodities.
The surge in Egypt's commodity exports during the first quarter of 2024 underscores the resilience and dynamism of the country's export sector. With a diversified export portfolio and a strategic focus on key markets, Egypt aims to sustain its export momentum and drive further economic growth in the coming quarters.
