Egypt’s non-oil exports up 20% at start of 2022
Egypt’s main exports are related to oil and the non-oil sector has been hurt by the war in Ukraine.
Egypt’s non-oil exports increased significantly in the first three months 2022.
The exports rose 20% from nearly $7.7 billion in the first quarter of 2021 to almost $9.2 billion in the first quarter of 2022, the Egyptian Ministry of Trade and Industry said in a series of tweets.
Rising exports in several sectors contributed to the increase. Exports of clothing rose 44%, building materials 35%, furniture 20%, medical products 19% and agricultural produce 10%, according to the ministry.
Why it matters: Like other regional states, Egypt is heavily dependent on oil exports. Egypt’s top exports in 2020 were refined petroleum, gold and crude petroleum, according to the MIT-based Observatory of Economic Complexity.
