News in Brief:
– Egypt’s food product exports soared by 31% in the first quarter of 2024 compared to the preceding year, with Arab countries remaining the top market.
– This positive trend aligns with broader growth in agricultural exports, with mangoes leading the surge, and contributes to a narrowing trade deficit.
Egypt’s food product exports witnessed a significant increase in the first quarter of 2024, according to the country’s Food Export Council (FEC). The value reached $1.6 billion, representing a 31% growth compared to the same period in the previous year.
Arab nations emerged as the primary destination for Egyptian food exports, accounting for 55% of the total with a value of $859 million. The European Union (EU) followed closely, importing $331 million worth of Egyptian food products, which translates to 21% of the total exports. Non-Arab African countries and the United States contributed 7% and 4% respectively, with import values of $111 million and $67 million.
Data from the Central Agency for Public Mobilization and Statistics (CAPMAS) reveals a broader trend of growth in Egypt’s agricultural exports. During the first ten months of 2023, the total value reached $3.5 billion, reflecting a significant rise from $2.8 billion in the same period of 2022.
Mango exports emerged as the frontrunner, generating $96.8 million in sales between January and October 2023. This represents a substantial increase compared to $69.8 million during the same period in the previous year. Notably, bean exports also witnessed a significant jump, reaching approximately $56.8 million in 2023, compared to just $13.5 million in 2022.
The positive trend in food product exports is complemented by a decline in the trade deficit. In October 2023, the statistics office reported a 16.6% decrease in the deficit’s value, reaching $3.15 billion compared to $3.78 billion in October 2022.
