Egypt expects its exports to Africa to reach $15 billion
By educating Egyptian exporters on how to interact with African markets, determining the demands of the markets, and expanding the exporters' access to African markets, Egypt intends to raise its exports to Africa to reach up to $15 billion in the future years.
Although having enormous potential, Egyptian exporters encounter numerous obstacles when trying to enter the African market, including the lack of banks that offer credit facilities and lengthy shipping times for items that can last up to four months.
In order to improve access to African markets, Egypt has created six logistics centers—out of a total of 12—in Kenya, Morocco, Mauritius, Nigeria, Zambia, and Algeria.
The African Continental Free Trade Agreement (AfCFTA), which includes the Common Market for Eastern and Southern Africa (COMESA) deal, would be fully utilized by the government to enhance Egyptian exports to other African countries, according to Minister of Commerce and Industry Ahmed Samir.
Burundi, Comoros, Congo, Democratic Republic of the, Djibouti, Egypt, Eritrea, Ethiopia, Kenya, Libya, Madagascar, Malawi, Mauritius, Rwanda, Seychelles, Sudan, Swaziland, Uganda, Zambia, and Zimbabwe are all COMESA members.
Egypt wants to increase exports overall in 2023. By the end of 2023, Egypt intends to expand exports in its five core industries by 15% to 20%. (construction materials, chemical supplies, engineering supplies, agricultural crops and food manufacturing).
In order to enhance the state's dollar resources, the administration also plans to develop in global and African markets in the future years, bringing exports to $100 billion annually.
Notwithstanding the present economic crisis, the Covid-19 outbreak, and the conflict in Russia and Ukraine, which have all affected global supply chains, Egyptian industrial exports and non-oil commodities saw a 12 percent gain in 2022, reaching $35.2 billion, up from $32 billion in 2021.
Egypt announced its intention to raise exports to African markets to $10 billion by 2025 in March 2022.