Annual foreign trade data for 2023 highlights the UAE and Saudi Arabia as leading markets for Egyptian exports, showcasing a significant boost in trade ties between Egypt and these Gulf nations.
Growth in Export Value
According to the Egyptian Central Agency for Public Mobilization and Statistics (CAPMAS), exports to Saudi Arabia grew by 6.2%, reaching $2.7 billion in 2023 compared to $2.5 billion in 2022. Exports to the UAE saw a remarkable increase of 13.8%, totaling $2.2 billion, up from $2 billion the previous year. These figures underscore the strengthening economic relations between Egypt and these Gulf states.
Geographical Distribution of Exports
Arab countries accounted for the largest share of Egypt’s total exports at 32.3%, followed by Western European countries at 24.1%, and Eastern Europe at 18.7%. This geographic diversification reflects Egypt’s strategic efforts to broaden its trade relationships.
Addressing Challenges
Amid global economic challenges, the Egyptian government is working to expand its export base by targeting promising markets like Saudi Arabia and the UAE. Additionally, it is enhancing trade agreements with other countries to mitigate the adverse effects of global economic conditions.
A Promising Future
With increasing exports to Saudi Arabia and the UAE, Egypt is poised to strengthen its trade influence in the region, paving the way for economic stability and sustainable growth.