El Molla: Egypt's Oil Exports Exceed $10 Billion

Tarek El Molla, Minister of Petroleum and Mineral Resources said that Egypt's petroleum exports rose during 2021 to exceed $10 billion.

This came during a cabinet meeting on Wednesday headed by PM Mostafa Madbouly to review the performance indicators of Egyptian non-oil exports during 2021, as well as the sector's goals for 2022, according to a statement.

The Minister of Industry had announced an increase in the value of Egyptian exports to record $32 billion by the end of 2021, with a growth rate of 26.3%, a figure achieved for the first time in history, exceeding the average annual value of Egyptian exports during the period (2016-2020).

Egypt aims to achieve a 25% growth in the rate of exports during 2022, to reach $40 billion, supported by the continued growth of global demand, and the tendency of some markets to rely on Egyptian products to replace the products of some traditional markets.