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Merchandise exports surged by 9.8 percent to hit USD19.641 billion from January to June, while imports dwindled by around 3.3 percent to USD 35.565 billion. Egypt’s export landscape was led by the building materials sector, which contributed USD 4.7 billion, representing roughly 24 percent of the nation’s total exports
In the initial half of 2024, Egypt’s non-oil trade balance decreased by approximately 16 percent, reaching USD 15.9 billion compared to USD 18.917 billion in the corresponding period of 2023, as per a disclosed government report by Asharq Bloomberg.
Merchandise exports surged by 9.8 percent to hit USD 19.641 billion from January to June, while imports dwindled by around 3.3 percent to USD 35.565 billion. Egypt’s export landscape was led by the building materials sector, which contributed USD 4.7 billion, representing roughly 24 percent of the nation’s total exports.
Following closely was the chemical products and fertilizers sector at 19 percent, achieving USD 3.8 billion, trailed by the food industries at 15 percent, totaling USD 3.1 billion. Crops accounted for 14 percent at USD 2.7 billion, with the engineering and electronic goods sector securing the fifth position at about 13 percent, equating to USD 2.6 billion.
The progress in the trade balance deficit was primarily credited to a USD 1.2 billion decrease in imports during the first half of the ongoing year. Imports were dominated by engineering and electronic goods with a 30 percent share and a value of USD 10.8 billion, followed by the building materials sector at around 18 percent, amassing USD 6.8 billion.
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Crops’ imports captured 14 percent, valued at USD 4.9 billion, while chemical products and fertilizers matched this percentage with $5.1 billion. The food industries trailed with 11 percent, aggregating USD 3.9 billion.
