Despite covid-19, Egypt recorded good trade performance in 2021. According to authorities, exports jumped 27% thanks to the sale of chemicals, building materials and food, among others.
Egyptian exports reached their highest volume in 2021, at around $ 31 billion. The information was made public in a press release from the Egyptian presidency on Monday January 3.
According to the briefing note, this export volume represents an increase of 27%. It was primarily driven by chemicals, building materials, food industries, engineering and electronics, crop farming, and ready-to-wear. This increase was also favored by “the qualitative distribution of the largest groups of products, in the structure of imports” which had the effect of “encouraging the localization of the industry”.
As a reminder, these results occur in a context of covid-19. According to Africa CDC, 386,358 cases of the disease have been recorded in the country, since 2020 with 21,768 deaths. In addition to the economic support granted to companies to counter the effects of the restrictions put in place, the Egyptian authorities have set up a system to promote local products as a substitute for imports.
All of these measures rebounded “export-oriented” sectors from April 2021, according to the World Bank. According to the institution, growth reached 7.7% in the 2020/2021 fiscal year, while the economy recorded a further contraction of 1.7% in the fourth quarter of 2019. / 2020. Unemployment fell to 7.3% in the fourth quarter of 2020/2021 after peaking at 9.6% in the previous fiscal year.