Egypt Aims to Boost Petrochemical, Fertilizer Exports to Africa By 10% in 2024Source: www.export-egypt.com 11/13/2023, Location: Africa |
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Egypt plans to increase its exports of petrochemicals and fertilizers to African nations by 10 percent in 2024, Khaled Abul-Makarem, head of the Export Council for Chemical Industries and Fertilizers, said on Monday.
Speaking at the third Intra-African Trade Fair (IATF) being held 9-15 November, Abul-Makarem emphasized Egypt's commitment to expanding exports. The IATF, with over 1,950 foreign exhibitors, highlights Egypt's growing stature as a reliable gateway to Africa, he noted. The export council hopes to take advantage of the African Continental Free Trade Area (AFCFTA) to expand exports. Mohamed Majeed, executive-director of the council, further expressed Egypt's commitment to increasing intra-African trade through diverse collaborations with participating countries. Egypt exported $358 million worth of chemicals and fertilizers to Africa in the first quarter of 2023 alone, lagging only behind construction materials in terms of total value of the country’s exports to the continent. Egyptian exports of chemicals and fertilizers soared by 23 percent in 2022 to $8.62 billion from $7.33 billion in 2021, the council revealed in June. Annually, exports of fertilizers jumped by 42 percent to hit $3.38 billion, ranking second among the 2022 exports. Egypt also aims to import various products, production requirements, intermediate chemicals, fertilizers, and plastic industries from African countries. Trade exchange between Egypt and African countries increased by 1.2 percent to $5.82 billion during the first eight months of 2023 from $5.75 billion in the corresponding period in 2022, as per official data. To further bolster the export sector, the Egyptian government has taken noteworthy steps, including the allocation of an additional EGP2 billion ($64.73 million) in August for the sixth phase of the cash repayment initiative, aimed at incentivizing exporters. Moreover, the country has set its sights on an ambitious target of reaching a total annual export value of $100 billion by 2030. Last year, Egyptian annual exports nearly doubled to $21.2 billion from $10.9 billion in 2016, according to the data released by the Central Agency for Public Mobilization and Statistics (CAPMAS). By increasing its exports, Egypt aims to support the government's visionary plan to generate a staggering $191 billion in annual revenues by 2026, compared to the current figure of $70 billion. |
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