Egypt's Merchandise Exports Expected to Exceed $31 Billion by End of 2021

The Minister of Trade and Industry Nevin Gamea announced that Egyptian exports succeeded during 2021 in achieving positive indicators; as the total value of Egyptian exports to foreign markets during the first 11 months of this year amounted to $29,087 billion, compared to $22,868 billion during the same period in 2020, an increase of 27% or $6,219 billion.

The Egyptian minister pointed out in a statement that Egyptian exports are expected to exceed the $31 billion barrier by the end of 2021, which proves the ability of the export sectors to deal with the global crisis imposed by the outbreak of the virus since in 2020, including the high rates of inflation and freight rates.

Gamea indicated that President Abdel Fattah El-Sisi's decision to restructure the Supreme Council of Exports reflects the will of the Egyptian state to achieve an unprecedented boom in this sector, which contributes to bringing exports to $100 billion annually.

The minister pointed out that Egypt's presidency of the COMESA comes in line with the efforts made by the government to strengthen its economic relations with the African market, which comes at the top of the target markets for the ministry's plan to double its exports in the continent.

She indicated the Egyptian government's aspiration to achieve maximum benefit from Egypt's second presidency of COMESA in increasing and deepening cooperation with the grouping countries in many fields, where Egypt’s accession to this seat will contribute to strengthening its great efforts to achieve economic integration in the African continent and to overcome obstacles that may hinder free trade between the COMESA member states.

She added that urgent measures were taken to facilitate trade movement, represented in the completion of the preparation of a guide for economic dealers on the new Euro-Mediterranean transitional rules of origin, which will be implemented soon with all partners in this region.

With regard to the file of export support and the payment of overdue dues to exporters, Gamea pointed out that this matter has been resolved, where the government supported exhibitions, air freight and fruit fly, bringing the total export subsidy disbursed during 2021 to about EGP 6.9 billion, from which 1,355 companies benefited.

Also, the efforts of the Egyptian Commercial Office in Beijing succeeded in reaching an agreement with Chinese customs to continue exporting Egyptian citrus fruits to the Chinese market with the same list of stations and farms authorized to export from the last season 2019/20, until the new list is approved for the current season 2020/21.

Moreover, the commercial representation was able to end the crisis of the Ugandan authorities imposing customs duties on Egyptian exports of flat sheet at a rate of 35%, in violation of the COMESA agreement, by making extensive contacts with the Ugandan authorities, as well as with the COMESA secretariat in Zambia to urge them to reverse this decision.

The Egyptian Commercial Office in Jeddah also succeeded in releasing a shipment of food products belonging to an Egyptian company that had been detained since the first week of February 2021 at King Abdullah Port in the Saudi governorate of Rabigh.