Egypt’s Foreign Trade in Gold Approaches $20 Billion Since 2022

Marsad Al Dahab for Economic Studies revealed that the value of Egypt’s foreign trade in the gold sector has approached $20 billion since the beginning of 2022, driven by a sharp rise in exports and a significant increase in imports of unwrought gold during 2025 and 2026.

According to data from the Central Agency for Public Mobilization and Statistics and the Export Council for Building Materials, Refractories and Metallurgical Industries, total exports of gold, jewelry and precious stones reached approximately $16.3 billion between January 2022 and the end of May 2026.

Meanwhile, imports of non-monetary unwrought gold amounted to around $3.65 billion between January 2022 and the end of April 2026.

Marsad Al Dahab stressed that these figures represent the total value of exports and imports and should not be interpreted as the size of Egypt’s domestic gold market or the value of local market transactions.

They also do not directly reflect the level of domestic value added, given the differences in the nature and statistical classification of foreign trade categories.

Gold Exports Record Unprecedented Growth

Egypt’s exports of gold, jewelry and precious stones amounted to approximately $1.633 billion in 2022, before rising to $1.859 billion in 2023.

Exports continued to grow in 2024, reaching around $3.26 billion, before surging to a record $7.6 billion in 2025, the highest level ever recorded by the sector.

During the period from January to May 2026, exports reached approximately $1.941 billion, compared with around $3.6 billion during the same period of the previous year.

The decline was partly linked to the exceptionally high comparison base created by the sector’s record performance in 2025.

As a result, total exports of gold, jewelry and precious stones reached around $16.3 billion between the beginning of 2022 and the end of May 2026.

Unwrought Gold Imports Register a Historic Surge

Imports of non-monetary unwrought gold amounted to around $317 million in 2022, before falling to approximately $139.2 million in 2023 and then rising to $166.2 million in 2024.

A major shift occurred in 2025, when imports surged to around $996.1 million, compared with $166.2 million in the previous year, representing an increase of nearly fivefold.

This upward trend continued in 2026, with imports of non-monetary unwrought gold reaching approximately $2.028 billion during the first four months of the year alone, compared with just $62.6 million during the same period of 2025.

Accordingly, total imports of non-monetary unwrought gold reached around $3.65 billion between the beginning of 2022 and the end of April 2026.

What Do These Figures Reveal?

Marsad Al Dahab explained that the simultaneous surge in imports and exports reflects a structural transformation in Egypt’s gold market since 2022 and cannot be attributed solely to higher demand for gold jewelry.

Record increases in gold prices over recent years encouraged a broad segment of Egyptians to use gold as a savings instrument and a means of preserving the value of their wealth.

This led to stronger demand for gold bars and coins compared with traditional jewelry.

The market also witnessed the entry of new companies specializing in the production and trading of gold bars and coins, alongside the expansion of existing companies in this segment, increasing demand for unwrought gold.

The market has also exported gold during certain periods to provide liquidity and rebalance local supply conditions, meaning that export activity should not automatically be interpreted as an expansion in jewelry manufacturing.

Around 97% of Exports Are Not Finished Jewelry

Marsad Al Dahab noted that foreign trade data reveal an important feature of Egypt’s gold exports.

Around 97% of the total value of sector exports consists of unwrought or semi-manufactured gold, while finished gold jewelry represents only a limited share of approximately 3%.

This structure indicates that the sharp rise in exports does not necessarily reflect a similar expansion in exports of finished jewelry with higher value added.

Instead, the increase is primarily linked to movements in unwrought or semi-manufactured gold.

The figures also show that Egypt’s gold industry still has significant opportunities to increase domestic value added by expanding the production and export of finished jewelry rather than relying mainly on exports of unwrought or semi-manufactured gold.

Need for More Detailed Official Data

Marsad Al Dahab stressed that the significant changes witnessed by the sector in recent years make it necessary to improve official databases related to gold trade.

More detailed and regularly published data are needed to clarify the distribution of exports and imports between unwrought gold, semi-manufactured gold, bars, jewelry and precious stones.

Providing these data would make it possible to measure domestic value added more accurately, assess the development of Egypt’s gold industry and monitor changes in consumption, savings and investment patterns within the market.

The foreign trade figures confirm that Egypt’s gold market has undergone a clear structural transformation since 2022, both in terms of domestic demand and external trade flows.

This requires policies aimed at strengthening local manufacturing and increasing the share of finished jewelry in Egypt’s export structure, thereby raising domestic value added and improving the competitiveness of the Egyptian gold industry in global markets.