Turkiye, Saudi Arabia largest markets importing from Egypt

Turkiye and Saudi Arabia were recorded as Egypt’s two largest export markets in the first two months of 2024, with Turkiye receiving exports worth $551 million and Saudi Arabia goods valued at $511 million, according to recent data.

A report from the General Authority for Export and Import Control said that the Italian market received Egyptian exports valued at $395 million, ranking it third overall, followed by the Libyan market, with $337 million, and the US with goods worth $315 million.

Egypt’s leading export sectors for the first two months of the year were construction materials ($1.177 billion), agricultural products ($939 million), food industries ($873 million), chemical products and fertilizers ($871 million), engineering and electronic goods ($809 million), ready-made garments ($465 million), yarn and textiles ($179 million), printing, packaging, paper, books and art products ($153 million), furnishings ($94 million), medical industries ($92 million), furniture ($43 million), handicrafts ($36 million), and leather/footwear/leather products ($27 million).

The most significant items that saw an increase in exports in the first two months of the year were fresh and dried oranges at $296 million, followed by nitrogenous fertilizers at $268 million, gold at $211 million, insulated wires and cables at $229 million, and petroleum oils at $215 million.

Emad Qanawi, a member of the board of directors of the General Union of Chambers of Commerce, commented on Egyptian-Saudi export cooperation.

Qanawi told Arab News that there was a keen interest in Egypt pursuing plans with Saudi Arabia to meet the needs of both country’s markets, and said efforts must be enhanced to facilitate the movement of goods between them.

He said the trade between Egypt and Saudi Arabia had seen “significant growth in recent years due to the shared vision of the leaderships of both countries.”

Another member of the board said: “The change in the global economic map and the emergence of new markets have opened up prospects for more trade and industrial opportunities, making Egyptian-Saudi commercial and industrial integration a necessity to face any regional and global challenges.”

Sherif El-Sayad, president of the Export Council for Engineering Industries, said: “Despite all these challenges occurring together for the first time, the council is strongly determined to deal with all challenges, open new markets, and introduce new ideas to increase exports, especially as many companies produce high-quality products that carry the ‘Made in Egypt’ label globally.”

He added: “There is a great opportunity this year to increase exports, especially as many new foreign investments will start operating in Egypt after the unification of the currency rate.”

Ahmed Samir, minister of trade and industry, said Egyptian commodity exports succeeded in achieving a 6 percent increase during the first two months of 2024, surpassing the same period last year.

The figures indicate the possibility of exports making a significant leap by the end of the current year as per the Egyptian government’s targets.

In a statement, he added: “Egyptian commodity exports achieved a tangible growth rate during this period, amounting to $6.121 billion, compared to $5.794 billion during the same period of 2023, as the volume of exports during these two months exceeded exports of the same period in 2022 and 2021.”