The Egyptian Cabinet’s Media Center said that the measures adopted by the Egyptian state to support the exports sector have achieved great success in enhancing the competitiveness of the Egyptian product in global markets.
A number of measures were developed to diversify and increase exports, despite the repercussions of the COVID-19 pandemic. The sector showed resilience in the face of the global trade crisis. Egypt’s foreign trade increased by 18.2% to $34.4bn during fiscal year 2020/21, compared to $29.1bn in FY 2019/20. Moreover, the trade deficit decreased by 6.7%, reaching $41.6bn in FY 2020/21, compared to $44.6bn in FY 2019/20.
The Cabinet report indicated that there was a significant leap in the value of Egyptian exports during the first seven months of 2021, increasing by 35.5% to $22.5bn, compared to $16.6bn in the same period of 2020.