Egypt’s Food Exports Rose 14% in 2023Source: www.export-egypt.com 1/29/2024, Location: Africa |
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Egypt’s food exports increased by 14 percent (about $602 million), reaching all-time high of $5.1 billion in 2023, up from $4.5 billion in a year prior, according to data released by the Food Expert Council (FEC).
July stood out as the most significant period of growth, with exports skyrocketing by 64 percent to $487 million, a leap from the $297 million recorded in July 2022. However, there was a slight decline in exports in both April and December 2023, experiencing drops of nine percent and 11 percent, amounting to $381 million and $339 million, respectively. Arab countries were the leading importers of Egyptian food products. They imported 54 percent of the total share, equivalent to $2.7 billion. This represents a 17 percent increase compared to the previous year. Meanwhile, the European Union maintained its position as the second-largest destination. They imported 17 percent of Egypt's food exports, valued at $884 million, which reflects a growth rate of 17 percent compared to 2022. Non-Arab African countries also demonstrated robust demand, with food imports growing 22 percent to $467 million. In 2024, Egypt aims to increase food exports by 10 percent, or $500 million, to $5.6 billion, Hany Berzy, head of the FEC. Berzy highlighted the council's commitment to analyzing the global food industry sector to identify growth opportunities for Egyptian exports in international markets. Furthermore, the council aims to address any obstacles hindering export development, aligning with the government's dedication to enhancing exports and boosting foreign exchange inflows. Moreover, Egypt's trade deficit declined by 16.6 percent on a year-on-year basis, dropping to $3.15 billion in October 2023 from $3.78 billion in the same month of 2022, according to data released by the Central Agency for Public Mobilization and Statistics (CAPMAS). |
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