Egypt Exports Record Historic Leap Owing to Production Projects Support

Egypt Exports Record Historic Leap Owing to Production Projects Support

The strategic steps taken by Egypt to develop exports have achieved great success in raising the competitiveness of its products in global markets, a report by the cabinet’s Information and Decision Support Center (IDSC) indicated.

Egypt has maximized the benefit from bodies and entities concerned with production and export, bolstered cooperation with international companies, took advantage of the agreements signed with various countries and regional and global economic blocs, and adopted several measures to support the export sector, the center explained.

All these steps have supported Cairo’s steady steps and efforts towards diversifying and increasing its exports, as well as its ability to confront the repercussions of the pandemic.

Egypt’s foreign trade increased by 18.2 percent to $34.4 billion during the fiscal year (FY) 2020/21, compared to $29.1 billion in 2019/20, the report noted.

The trade deficit dropped 6.7 percent to $41.6 billion in FY 2020/21, compared to $44.6 billion in FY 2019/20.

The report pointed to a “significant leap” in the value of Egyptian exports during the first seven months, increasing by 35.5 percent to $22.5 billion, compared to $16.6 billion in the same period in 2020.

It named the top five countries that imported Egyptian products during FY 2020/21. At the top came Saudi