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.
Egypt also produces natural gas and wants to expand its petrochemical sector as well as seek investment in its energy industry, according to Oilprice.com.
The Egyptian government is currently seeking to diversify its energy sources by investing more in renewable energy, including solar power projects, per Australia’s Energy Technology Platform.
Egypt’s non-oil sector has been significantly impacted by the war in Ukraine, with orders going down and prices going up. Egypt’s wheat supply has perhaps been the most affected, as the country gets 80% of its wheat from Russia and Ukraine.
Know more: Egypt has successfully attracted billions in new investment from the United Arab Emirates and Qatar recently.