Egypt expects its non-oil merchandise exports to reach between US$48 billion and US$50 billion dollars by the end of this year, a rise of about 20 percent from last year, Prime Minister Mostafa Madbouly has said.
Speaking at a weekly press conference, Madbouly said non-oil exports stood at around US$40 billion in 2024, adding that the government’s target to lift total exports of goods and services to US$145 billion by 2030 was achievable.
He said Egypt had recorded its lowest trade deficit in a decade, attributing the improvement to closer coordination between the government and export councils to address obstacles facing exporters.
Madbouly said the government was finalising a new package of investment incentives, expected to be announced soon by President Abdel Fattah al-Sisi, aimed at improving the business climate and boosting competitiveness.
He said the Suez Canal Economic Zone had attracted investments worth about US$13.5 billion, highlighting the Qantara West area as a model, with exports from the zone expected to exceed four billion dollars.
On social indicators, Madbouly said official data showed around 29 percent of Egyptians live below the poverty line, acknowledging that economic reforms had led to a slight increase but stressing that the state was working to cushion the impact by lowering food and commodity prices.
He described 2024 as an “exceptional year” marked by economic challenges, particularly in real estate and durable goods, and said inflation was a global phenomenon affecting many economies.
Separately, Madbouly cited the role of Italian energy group Eni in supporting Egypt’s healthcare infrastructure, saying its investments reflected broader cooperation with international partners focused on human development.
More background on Egypt’s non-oil Export
Egypt’s non-oil exports have become a central pillar of the government’s strategy to earn foreign currency, narrow the trade deficit and reduce reliance on energy revenues, amid repeated balance-of-payments pressures.
Non-oil merchandise exports are diversified across manufactured goods, agricultural products and semi-processed commodities. Key export items include fertilisers, chemicals, plastics, textiles and garments, construction materials such as cement and ceramics, food products, and fresh produce. Egypt is also a major exporter of fertilisers to Europe, benefiting from proximity to markets and established industrial capacity.
Geographically, the European Union is Egypt’s largest export destination, followed by Arab countries and African markets. Regional trade has expanded in recent years through agreements such as the African Continental Free Trade Area, which Cairo sees as a gateway for Egyptian manufacturers into fast-growing African economies.
Successive governments have rolled out export support programmes, including rebates, tax incentives and faster customs procedures, to improve competitiveness. The state has also focused on localising production, reducing import dependence and strengthening value chains in sectors such as textiles, food processing and chemicals.
Industrial zones and logistics hubs play a growing role. The Suez Canal Economic Zone has emerged as a flagship platform, attracting foreign and domestic investment aimed at export-oriented manufacturing, particularly in electronics, automotive components and green industries.
Despite recent gains, challenges persist. Exporters face high input costs, exchange rate volatility, financing constraints and infrastructure bottlenecks. Global demand fluctuations and protectionist trends also pose risks to sustained growth.
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Authorities argue that maintaining a competitive exchange rate, deepening industrialisation and expanding access to African and Asian markets will be critical to meeting Egypt’s longer-term target of sharply increasing non-oil exports and total foreign earnings.
