Egypt’s food industries exports hit $1.6b in Q1 ’24

Egypt’s food industries exports surged to a record of $1.6 billion in the first quarter of 2024, a significant 31 per cent year-on-year increase, the Ministry of Trade and Industry reported on Tuesday.

Earlier, the exports stood at $1.2 billion during the first quarter of 2023.

The positive trend in exports continued throughout the first quarter of 2024. In January this year, exports reached $477 million, a 30 per cent rise from $368 million in January 2023.

This momentum continued in February with exports reaching $541 million, a notable 40 per cent increase, compared to $387 million in the same month of 2023, as per the report.

The report also showed that exports in March maintained the upward trajectory, hitting $550 million, representing a 24 per cent growth compared to $455 million during the same period in 2023.

Egypt’s food industry exports reached wide global audience, as Saudi Arabia remained the largest importer with a total import value of $131 million in the first quarter of the year, another report revealed.

Palestine saw a remarkable 53 per cent increase, reaching $99 million in imports, followed by Libya with Egyptian exports worth $83 million, marking a 15 per cent rise. Similarly, Sudan witnessed 71 per cent growth to $82 million. The US also witnessed a significant 22 per cent surge to $67 million.

The Netherlands recorded a 90 per cent rise to $65 million, Spain achieved a 161 per cent growth to $64 million. Meanwhile, Italy and Morocco made 24 per cent and 131 per cent increase, respectively to record $60 million each.