Egyptian exports show resilience during pandemic thanks to incentive measures: Cabinet

Egyptian exports show resilience during pandemic thanks to incentive measures: Cabinet

The Egyptian Cabinet’s Media Center said that the measures adopted by the Egyptian state to support the exports sector have achieved great success in enhancing the competitiveness of the Egyptian product in global markets. A number of measures were developed to diversify and increase exports, despite the repercussions of the COVID-19 pandemic. The sector showed resilience in the face of the global trade crisis. Egypt’s foreign trade increased by 18.2% to $34.4bn during fiscal year (FY) 2020/21, compared to $29.1bn in FY 2019/20. Moreover, the trade deficit decreased by 6.7%, reaching $41.6bn in FY 2020/21, compared to $44.6bn in FY 2019/20. The Cabinet report indicated that there was a significant leap in the value of Egyptian exports during the first seven months (7M) of 2021, increasing by 35.5% to $22.5bn, compared to $16.6bn in the same period of 2020. The report named the top five countries that imported Egyptian products during FY 2020/21: Saudi Arabia by $2.2bn, the UAE by $2.07bn, the US by $2.02bn, Turkey by $1.94bn, and India by $1.89bn. Saudi Arabia accounted for 6.4% of the total Egyptian exports, the UAE by 6%, the US by 5.9%, Turkey by 5.6%, and India by 5.5%. Egypt’s exports of