Egyptian Exports to African Countries to Rise By 10 Percent by End of 2023 to $5.5BSource: www.export-egypt.com 11/15/2023, Location: Africa |
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Egypt’s exports to Africa are expected to increase by 10 percent by the end of the year to an estimated value of $5.5 billion, Sherif El-Gabaly, the Chairman of the Egyptian Chamber of Chemical Industries at the Federation of Egyptian Industries (FEI).
Speaking at the African Intra-Trade Exhibition (IATF 2023), El-Gabaly highlighted the importance of strengthening ties with African countries, emphasizing their potential as vibrant markets with a collective population of 1.5 billion. El-Gabaly stressed that Egypt plays an important role as a reliable gateway to Africa during the IATF 2023 event held in Cairo which hosts over 1,950 foreign exhibitors. The Ministry of Trade recently published data that shows a 1.2 percent increase in trade exchange between Egypt and African nations, reaching $5.82 billion in the initial eight months of 2023, compared to $5.75 billion in the corresponding period of 2022. El-Gabaly further emphasized the need to bolster relations with Africa and enhance exports, particularly in petrochemicals and fertilizers, to various countries across the continent. The chemical industrial sector in Egypt, contributing significantly to the economy, boasts 14,000 companies and a total investment of $30 billion. Egypt's chemical industries sector, a major player in the country's industrial exports, witnessed chemical exports totaling $6.6 billion in 2021. |
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