Egypt's Exports Anticipate a $5.5 Billion Boost to African Nations by 2023
In a promising economic outlook, Egyptian exports to African nations are projected to experience a significant upswing, reaching $5.5 billion by the conclusion of 2023, according to a report by Ahram Online.
Sherif El-Gabaly, Chairman of the Egyptian Chamber of Chemical Industries at the Federation of Egyptian Industries (FEI), highlighted the potential for a 10% increase in exports, emphasizing the importance of fostering stronger ties with African nations.
El-Gabaly underscored Africa's status as a robust market, serving an impressive 1.5 billion people.
The report indicates a positive trend in trade relations between Egypt and African countries, with a 1.2% growth in trade exchange.
Data for the first eight months of 2023 reveals a trade volume of $5.82 billion, compared to $5.75 billion during the corresponding period in 2022.
Notably, the Information and Decision Support Center (IDSC) of the Egyptian Cabinet reported a substantial surge in trade exchange between Egypt and African countries in 2022.
The figures showed a 14.4% increase, reaching $8.6 billion, up from $7.5 billion in 2021.
The developments highlight the growing economic ties between Egypt and the African continent.