Egypt's Food Exports Surge By 15% in First 10 Months of 2023: Food Export CouncilSource: www.export-egypt.com 12/13/2023, Location: Africa |
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Egypt's food exports increased by 15 percent, reaching $4.3 billion during the first 10 months of 2023, up from $3.8 billion in the corresponding period of 2022, Hany Berzy, head of the Food Export Council (FEC), said.
This is an all-time high for Egyptian food industry exports within the January to October timeframe, Berzy added during his speech at the Food Africa 2023 and Pacprocess exhibitions. July showcased the most significant growth, with exports soaring by 64 percent to $486 million, compared to $297 million in July 2022. Arab countries emerged as the leading importers, accounting for 55 percent of the total share, equivalent to $2.344 billion, with an increase of 21 percent over the previous year. Meanwhile, the European Union secured its position as the second-largest destination, importing 17 percent of Egypt's food exports, equivalent to $740 million—a growth of 12 percent compared to the previous year. Non-Arab African countries exhibited strong demand, importing food products valued at $380 million, resulting in a growth rate of 21 percent. Egypt's trade deficit experienced a 10.3 percent increase in September, reaching $3.24 billion, compared to $2.84 billion in the same month last year, according to the Central Agency for Public Mobilization and Statistics. However, during FY 2022/2023, the country's trade deficit declined by 23.59 percent, primarily due to a significant decrease in non-oil imports, reported the Central Bank of Egypt. Egypt achieved a remarkable milestone in agricultural exports in 2022, reaching nearly 6.5 million tons with a total value of $3.3 billion, stated Minister of Agriculture El-Sayed El-Qusseir earlier this year. These enhancements align with Egypt's ambitious goal, announced in 2022, to gradually increase annual exports to $100 billion within a five-year timeframe. |
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