Details of Egypt achieving the highest volume of exports in its history.. Find out the reasons

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I expected Ministry of Commerce and industry, to transcend Egyptian exports The barrier of 31 billion dollars during 2021, to record the highest value ever in the history of Egyptian commodity exports, exceeding the highest number achieved in 2019 and amounting to 25.6 billion dollars in 2019. The following report reveals the details of this increase, and its causes.

Egypt achieved a remarkable rise in Egyptian exports, amounting to $29.1 billion during the first 11 months of this year, with a growth rate of 27%, a difference of $6.2 billion over last year. This increase in the volume of exports proves the ability of the export sectors to deal with the global crisis imposed by the virus spread crisis The new Corona virus since the beginning of last year, despite the challenges witnessed by the global economy, which in turn affect the Egyptian economy, including high inflation rates and shipping prices.

The high sectors were led by the engineering industries, which achieved exports worth $2.6 billion during the first 10 months of this year, with a growth rate of 45%. October alone achieved the highest monthly export volume since 2009, with a value of $351.5 million, followed by the chemical industries sector, which is expected to exceed The volume of its exports is 6 billion pounds, an increase of 40% during 2021, and ready-made garments exports have increased by the same rate, approaching 2 billion dollars.

The heads of the export councils attributed the reasons for this increase in Egyptian exports to the government’s support for exporters through the initiative for the immediate payment of export dues during the month of November 2020, in coordination with the Central Bank and 4 banks, allowing the payment of 85% of the total value of dues immediately, instead of paying it in installments that may It takes several years, which contributes to providing cash liquidity to enable exporting companies to fulfill their obligations to their customers and maintain employment. 20.5 billion pounds have been spent on 1751 companies since the initiative was launched, in addition to 6.9 billion pounds in export support during the past year.

Egyptian exports also increased as a result of benefiting from the various free trade agreements, whether Mercosur with the countries of Brazil, Argentina, Uruguay and Paraguay, and achieved $396 million last year, an increase of 115% compared to 2017. Most of the Egyptian exports were concentrated in chemicals such as nitrogen fertilizers, phosphate fertilizers, and vinyl chloride polymers. Or at the level of the COMESA agreement, which Egypt chaired last month for the second time, after 20 years have passed since the last time Egypt assumed the presidency of the assembly in 2001.

The third factor is the dependence of a large number of markets, especially the European Union, on Egyptian products to replace factories that have stopped in some countries, the most important of which is China.

President Abdel-Fattah El-Sisi had previously directed the volume of Egyptian exports to reach $100 billion, and in order to achieve this, he decided to re-form the Supreme Council for Export under his leadership, in light of the importance of the export file, as it represents one of the main sources of the national economy and a key element in bringing in hard currency and thus increasing foreign currency cash reserves.





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