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Tuesday, 11 January 2022

Gov’t wants to nearly double annual exports by 2025

Egypt aims to increase export revenues to USD 60 bn a year by the middle of the decade as part of plans to eventually reach USD 100 bn a year, Trade Minister Nevine Gamea said in a phone-in with Al Arabiya (watch, runtime: 7:37).

This would nearly double the record USD 31 bn export revenues recorded in 2021. The 2021 figure was up 22.5% from 2020, when proceeds from exports came in at USD 25.3 bn, according to Gamea. Rising demand as the global pandemic eases, ramped up government support, and the increased attractiveness of Egyptian exports in light of rising global shipping costs helped drive last year’s increase, Gamea said last week.

More than 15% of the target could come from African business: The government previously announced plans to push African exports to USD 10 bn by 2025, with an interim target of USD 7 bn this year. The first phase of a three-phase strategy to boost African exports is slated to begin this month, targeting 10 countries. The ministry’s export subsidy program and other forms of support are also helping exporters tap new markets, including in Africa, Gamea said.

A long way to go: During the last fiscal year, Egypt’s exports to Africa (excluding Arab countries) recorded USD 607 mn, accounting for only 2.1% of our total exports, according to Central Bank of Egypt data.

Increasing exports is one of the key targets of the government’s new structural reform program, which aims to ramp up agricultural, manufacturing, telecoms and IT exports through the subsidy program and supportive reforms.

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