RIYADH: Egypt’s exports rose by 24.1 percent year on year in February to reach $4.43 billion, driven by increased shipments of key commodities.
The surge comes amid other economic indicators improving, highlighting the country’s developing financial landscape.
The latest monthly trade report released by the Central Agency for Public Mobilization and Statistics, known as CAPMAS, explained that the growth in exports was driven by an increase in ready-made garments, which rose by 30.6 percent, and petroleum products, which increased by 12.2 percent.
Moreover, processed foods grew by 9.3 percent, and primary plastic products saw a 3.4 percent rise.
Egypt’s export growth comes as the Middle East and North Africa region navigates shifting global trade dynamics in 2025, with the impact of recent tariff measures and geopolitical tensions reshaping commercial flows worldwide.
Egypt’s overall trade balance recorded a deficit of $2.33 billion, marking a 29.1 percent decline from February 2024, when the deficit stood at $3.28 billion.
In the second month of this year, imports saw a 1.4 percent decline to $6.67 billion, down from $6.85 billion in the same period of 2024, due to the rise in prices of some imported goods.
Sector highlights
While some goods, including fresh fruits, fertilizers, potatoes, and iron products, saw declines, the surge in manufactured and petroleum goods bolstered the overall export figures.
Reduced purchases of wheat, raw iron and steel materials, pharmaceuticals, and primary plastics contributed to the import decline. Conversely, imports of petroleum products, natural gas, corn, and soybeans rose sharply.
Adding to the economic momentum, remittances from Egyptians working abroad surged to a record $32.6 billion in the 12 months through February, marking a 72.4 percent increase from the previous year.
The North African country’s net foreign assets also rose by $1.48 billion in February, reaching $10.18 billion, supported by increased foreign investment in treasury bills.
In a meeting with the National Press Authority in January, Rania Al-Mashat, the minister of planning and economic development, said that the economy is projected to grow by 4 percent this fiscal year, bolstered by structural reforms and a record $46.1 billion in foreign direct investment in 2023/2024.
The government is pursuing $4.2 billion in macroeconomic support from global partners, with negotiations underway for an additional $4.10 billion in EU budget aid.
