Egypt’s merchandise exports rose in the first quarter (Q1) of 2024 by 5.3 percent year-over-year to $9.612 billion, according to a report by the General Organization for Export and Import Control (GOEIC).
During this period, Türkiye was the top importer of Egyptian merchandise exports, with imports worth $874 million. Saudi Arabia and the United Arab Emirates (UAE) followed, with imports valued at $792 million and $586 million, respectively.
The top Egyptian export categories in Q1 2024 were building materials at $1.958 billion, food industries at $1.546 billion, and chemicals and fertilizers at $1.445 billion.
Earlier this week, the European Union (EU) announced it would provide Egypt with EUR1 billion ($1.065 billion) in short-term financial aid to help stabilize the country’s economy. This aid is part of a larger financial package worth EUR5 billion in loans.
In addition to the EUR1 billion in short-term assistance, the EU has also scheduled EUR4 billion in longer-term support for Egypt over the period of 2024-2027, though this aid still requires adoption by the bloc’s 27 member states.
The loan is intended to address Cairo’s deteriorating fiscal situation and financial needs, which have been exacerbated by the outbreak of the Gaza war, the attacks in the Red Sea, and the repercussions of Russia’s war of aggression against Ukraine.
For more news on logistics, click here.
