Egypt’s gold exports have surged to an all-time high, with exports soaring by an astonishing 882% in the first two months of 2025. The country’s gold exports reached $2.08 billion—a dramatic leap from just $212 million in the same period last year, signaling a seismic shift in Egypt’s role in the global gold market.
A Historic Jump in Gold Exports
According to a government report obtained by Al Arabiya Business, Egypt’s gold exports during January and February 2025 alone were equivalent to the total exports for the first nine months of 2024. The rapid increase is an indicator of the growing significance of gold in Egypt’s economic strategy, providing a much-needed boost to the country’s foreign exchange reserves.
In comparison, Egypt’s total gold exports for all of 2024 amounted to $3.26 billion, meaning that the first two months of 2025 have already accounted for 63% of last year’s total gold export revenue. The rise is a testament to the country’s growing stature as a major player in the global gold trade.
UAE Emerges as the Dominant Market for Egyptian Gold
The most striking development in Egypt’s gold export boom is the sharp rise in UAE imports. The United Arab Emirates imported $1.85 billion worth of Egyptian gold in January and February 2025—an astounding 2768% increase from $65 million during the same period in 2024. This level of import activity nearly matches the $2.05 billion worth of gold that the UAE imported from Egypt in all of 2024.
The UAE’s dominant position is not surprising, given Dubai’s pivotal role as one of the world’s largest gold trading hubs. With the Dubai Gold Exchange serving as a major international marketplace, the surge in gold imports from Egypt underscores the UAE’s status as a global center for gold trade, particularly in the Gulf region.
Swiss Gold Imports Also See Significant Growth
While the UAE leads the charge, Switzerland has also seen a significant increase in its imports of Egyptian gold. Swiss imports rose by 48% in January and February 2025, totaling $145 million—up from $98 million during the same period in 2024. Though Switzerland remains a secondary market compared to the UAE, its increase reflects the broader global demand for gold and its role as a key refining and trading center in Europe.
Together, the UAE and Switzerland now account for 99.4% of Egypt’s gold exports, with the UAE alone claiming 89% and Switzerland capturing 10%. Other countries such as Turkey ($6 million), Canada ($1.7 million), and Lebanon ($1.4 million) also feature as smaller, though growing, importers of Egyptian gold.
Key Factors Behind the Surge in Gold Exports
According to Osama Zarai, Head of Analysis at Gold Era in Egypt, several key factors have contributed to this remarkable surge in gold exports. First, the global rise in gold prices has played a significant role in boosting the value of Egypt’s exports. The price of gold has risen by approximately $600 per ounce since the start of 2025, propelling the overall value of Egypt’s gold exports.
Zarai explains, “The global increase in gold prices during the first quarter of 2025 has allowed Egypt to capitalize on the higher value of its gold exports. Additionally, domestic demand for gold in Egypt has been relatively stable, with many Egyptians opting for other forms of investment, such as real estate, due to rising gold prices.”
By the end of 2024, the price of gold stood at around $2,624 per ounce, but by February 2025, it had surged to $3,222 per ounce, driving up both export values and domestic prices. Locally, the price of gold per gram has also increased significantly, from EGP 3,740 at the end of 2024 to EGP 4,630 in early 2025.
Impact on Local Market and Future Projections
The surge in exports has brought much-needed foreign currency into Egypt’s economy, but it could also lead to supply constraints in the domestic market. With rising gold prices, there are concerns that Egypt’s local market may see a tightening of gold supply, especially as demand for gold in the country begins to increase in response to the price hike.
Despite these challenges, the surge in gold exports has played a crucial role in Egypt’s economic strategy, providing a vital source of hard currency. Zarai notes that the rise in exports will continue as long as gold prices remain high globally, but cautions that such growth is dependent on market dynamics: “If gold prices stabilize or fall, it could lead to a slowdown in Egypt’s export growth.”
Furthermore, Egypt’s gold exports remain heavily concentrated in raw gold rather than finished jewelry or value-added products, which limits the potential for further diversification. However, this export strategy has proven effective in leveraging Egypt’s position as a gold producer and exporter.
A Critical Moment for Egypt’s Economic Future
As Egypt navigates its newfound position in the global gold market, the coming months will be crucial in determining whether this export boom can be sustained. Rising demand from the UAE and Switzerland, combined with favorable global market conditions, gives Egypt a strong foundation for maintaining high levels of gold exports. However, the government must be mindful of the potential impact on the local market as gold prices continue to climb.
In the broader economic context, Egypt’s gold export boom has helped stabilize the country’s economy by providing a significant source of foreign exchange, further cementing gold’s role as a key driver of Egypt’s financial future.
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