Egypt’s food exports increase by 17% to $5.5 billion in the first 11 months of 2024
Egypt’s food industry has seen a significant 17% increase in exports during the first 11 months of 2024. Exports reached about $5.5 billion, up from $4.7 billion during the same time last year.
Record Food Exports
- This year, Egypt saw its highest growth in food exports ever, reaching a total of $5.1 billion for 2023, according to the Emirates News Agency (WAM).
- Arab countries were Egypt’s biggest export market, receiving 53% of its food exports, with a 15% increase in shipments from January to November.
- The European Union (EU) followed, with food exports growing by 33%, totaling $1.1 billion. The EU accounted for 20% of Egypt’s food exports.
- Non-Arab African countries received $464 million worth of exports, making up 8% of the total, with a 7% growth.
- The United States imported $302 million worth of food from Egypt, which is 5% of the total, showing a 40% growth.
- Other international markets received $756 million worth of exports, which is 14% of Egypt’s food exports, with an 8% growth.
Big number
Egypt’s food industry exports reached $40.5 billion between 2014 and 2024, showing how important the sector is in global markets and its role in boosting the country’s economic growth.
Economic growth
Egypt’s economy grew by 3.5% in the first quarter of the 2024-25 fiscal year, compared to 2.7% in the same period last year. This growth was helped by government reforms and a recovery in key areas like manufacturing. The industrial production index increased by 6% in the first quarter, in contrast to a 7.7% decline during the same time last year. The government aims for 4% overall GDP growth for the full fiscal year, supported by ongoing reforms and efforts to boost the private sector.
IMF support
Last week, the International Monetary Fund (IMF) reached an agreement with Egypt, allowing the country to access about $1.2 billion through its extended fund facility (EFF). However, this funding still needs approval from the IMF’s executive board.
Published: 2nd January 2025
For more article like this please follow our social media Twitter, Linkedin & Instagram
Also Read:
Travel Trends to Watch in 2025
Mubadala’s 2024 investments hit $29B, surpassing PIF
Egypt’s economy grows 3.5% in Q1 2024/25 amid reforms
