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Non-oil exports jump 22% YoY in first 7 months of 2021: TradeMin

In July alone, non-oil exports climbed 4% YoY to reach $2.095 billion, compare to July 2020’s $2.021 billion

By: Business Today Egypt

Sun, Aug. 22, 2021

Egypt’s non-oil exports saw a 22% year-on-year (YoY) in the first 7 months of 2021, hitting $17.701 billion compared to 2020’s $14.55 million, revealed Minister of Trade and Industry Nevine Gamea.

In July alone, non-oil exports climbed 4% YoY to reach $2.095 billion, compare to July 2020’s $2.021 billion.

According to the General Organization for Export and Import Control’s recent report, Gamea added that non-oil rose by 11% to $42.396 billion in the same period.

The country’s non-oil trade deficit saw an increase of 10% in May 2021, reaching 3.34 billion, with exports surging by 80.3%.

The incline in Egyptian exports was supported by the government’s support towards the manufacturing and export sectors during the pandemic, said Gamea, adding that this contributed to the continued rotation of the production wheel and the preservation of export markets.

Leather product exports soared by 54% to $47 million from $31 million in the first 7 months of the year, while Medical industry exports jumped by 43% to $382 million.

Engineering and electronic products surged by 45% to $1.685 billion from $1.164 billion, after announcing hitting an increase of 54% in H1 2021, followed by furniture exports at an increase of 19% to $145 million from $121 million.

Top regional export destinations for Egyptian products were the European Union with $5.574 billion worth of non-oil products, followed by Arab countries with $5.356 billion and non-Arab African countries with $1.007 billion.

Individually, the USA imported the most Egyptian exports in the first 7 months of 2021 at $1.290 billion, up by 51% YoY from $854 million, with Saudi Arabia at $1.116 billion and Turkey with $1.081 billion.

Egypt’s top countries for importing non-oil products were China with a value of $7.58 billion, the USA at $3.34 billion, Germany with $2.44 billion, and Turkey with a value of $2.1 billion.

Egypt’s Purchasing Managers’ Index (PMI) for the non-oil private sector fell 0.8 points in June, despite going into expansion mode in July. In the report, over 51% of panelists said that they expect activity to increase over the next 12 months, often citing hopes that the pandemic will end.