Egyptian merchandise exports rose to $30.4 billion during the first 10 months of this year, with a growth rate of 12%, according to data from the export councils, with non-oil exports achieving the highest level in their history during the period from January to October.
Exports of chemical industries and building materials witnessed remarkable growth thanks to the depreciation of the Egyptian pound against the dollar, which gave Egyptian products a competitive advantage and replaced Egyptian exports with Chinese and Russian ones in some European markets.
Marie-Louis Bishara, head of the Egyptian Ready Made Garments Export Council, said that Egyptian exports of ready-made garments rose to $2.1 billion in the first 10 months of 2022, and are expected to reach $2.4 billion by the end of this year, thanks to the Egyptian factories’ tendency to increase production capacity and reduce prices. To compete in the global markets, in addition to the fact that the dollar’s rise against the Egyptian pound increased the competitive advantage of the Egyptian product.
Egyptian exports of ready-made garments achieved $2.049 billion in 2021, the highest level in its history, with a growth rate of 40.3% over the previous year.
Marie-Louis Bishara stated that Egyptian factories have obtained international certificates in their application of environmental sustainability standards for applying systems to treat water recycling that are used in the production stages and to recycle clothing waste and use it again, and the factories’ adherence to European Union standards in industrial sustainability led to an increase in exports to Europe. She pointed out that the American markets account for 60% of the volume of Egyptian exports of clothes, followed by Europe with 33%, and finally the Arab countries.