That dollar amount reflects a 37.9% increase compared to five years earlier in 2019 when Egyptian exports totaled $30.5 billion.
Year over year, the value of Egypt’s overall exports fell by -19.3% from $52.1 billion during 2022.
Based on the average exchange rate for 2023, Egypt’s legal currency is the Egyptian pound which depreciated by -82.6% against the US dollar since 2019 and diluted by -59.8% from 2022 to 2023. The depleted Egyptian currency in 2023 made Egypt’s exports paid for in stronger US dollars relatively lesser expensive for international buyers.
Egypt’s Major International Trade Partners
The latest data shows that 55.2% of products exported from Egypt was bought by importers in: Türkiye (9% of the Egyptian total), Italy (7.5%), Saudi Arabia (6.4%), United Arab Emirates (5.3%), United States of America (4.6%), Libya (4.3%), Spain (4.2%), Greece (3.7%), United Kingdom (2.9%), India (2.8%), Sudan (2.3%) and the Netherlands (2.2%).
From a continental perspective, 39.3% of Egypt’s exports by value was delivered to Asian countries while 34.7% was sold to European importers. Egypt shipped another 17.7% worth of goods to buyers in Africa.
Smaller percentages went to customers in North America (6.1%), Latin America (2.1%) excluding Mexico but including the Caribbean, then Oceania (0.1%) led by Australia and New Zealand.
Given Egypt’s population of 105.7 million people, its total $42.1 billion in 2023 exports translates to about $400 for every resident in the transcontinental nation. That dollar metric lags the average $460 per capita one year earlier in 2022.
Egypt’s Top 10 Exports
The following export product groups represent the highest dollar value in Egyptian global shipments during 2023. Also shown is the percentage share each export category represents in terms of overall exports from Egypt.
- Mineral fuels including oil: US$7.4 billion (17.5% of total exports)
- Electrical machinery, equipment: $2.6 billion (6.3%)
- Fertilizers: $2.5 billion (5.8%)
- Iron, steel: $2.33 billion (5.5%)
- Plastics, plastic articles: $2.29 billion (5.5%)
- Fruits, nuts: $2.22 billion (5.3%)
- Gems, precious metals: $1.9 billion (4.4%)
- Vegetables: $1.7 billion (4.1%)
- Clothing, accessories (not knit or crochet): $1.6 billion (3.9%)
- Salt, sulphur, stone, cement: $1.4 billion (3.3%)
Egypt’s top 10 exports generated exceeded three-fifths (61.6%) of the overall value of its global shipments.
The metals iron and steel represent the fastest growers among the top 10 export categories, up by 65.4% from 2022 to 2023.
In second place for improving export sales was the salt, sulphur, stone and cement category which rose 26.1%.
Egypt ‘s shipments of fruits and nuts recorded the third-fastest gain in value, up by 15.5% year over year.
The leading decliner among the top 10 Egyptian export categories was mineral fuels including oil, pulled down by a -60.7% setback.
The above information is presented at the 2-digit Harmonized Tariff System (HTS) code level.
From the more granular 4-digit HTS code perspective, petroleum gases was the top Egyptian export (6.5% of total exports) during 2023. Close behind in second place was crude oil (6.1%) trailed by nitrogenous fertilizers (4.4%), processed petroleum oils (also 4.4%), unwrought gold (4.3%), insulated wire or cable (2.8%), hot-rolled or non-alloy steel products (2.4%), fresh or dried citrus fruit (also 2.4%), television receivers, monitors and projectors (1.8%), then hydraulic cements (also 1.8%).
Countries Generating Egypt’s Biggest Trade Surpluses
The following types of Egyptian product shipments represent positive net exports or a trade balance surplus. Investopedia defines net exports as the value of a country’s total exports minus the value of its total imports.
In a nutshell, net exports represent the amount by which foreign spending on a home country’s goods or services exceeds or lags the home country’s spending on foreign goods or services.
- Fertilizers: US$2.2 billion (Down by -32.7% since 2022)
- Fruits, nuts: $1.8 billion (Up by 48.6%)
- Gems, precious metals: $1.7 billion (Up by 42.9%)
- Clothing, accessories (not knit or crochet): $1.5 billion (Up by 0.8%)
- Salt, sulphur, stone, cement: $1.11 billion (Up by 52.5%)
- Vegetables: $1.05 billion (Up by 19.9%)
- Vegetable/fruit/nut preparations: $755.2 million (Up by 59.8%)
- Knit or crochet clothing, accessories: $705.1 million (Down by -0.7%)
- Stone, plaster, cement, asbestos: $440.6 million (Up by 53.4%)
- Glass: $419 million (Down by -13.7%)
Egypt has highly positive net exports in the international trade of fertilizers. In turn, these cashflows indicate Egypt’s strong competitive advantages under the fertilizers product category.
Countries Causing Egypt’s Worst Trade Deficits
Egypt incurred an overall -US$41.1 billion product trade deficit for 2023, down by -6.7% from the -$44.1 billion in red ink one year earlier for 2022.
Below are exports from Egypt that result in negative net exports or product trade balance deficits. These negative net exports reveal product categories where foreign spending on home country Egypt’s goods trail Egyptian importer spending on foreign products.
- Machinery including computers: -US$6.5 billion (Down by -5.2% since 2022)
- Cereals: -$6.4 billion (Down by -14.1%)
- Mineral fuels including oil: -$5.3 billion (Reversing a $3.6 billion surplus)
- Vehicles: -$3.4 billion (Down by -5.4%)
- Pharmaceuticals: -$3.3 billion (Down by -7.1%)
- Electrical machinery, equipment: -$2.5 billion (Down by -25.1%)
- Animal/vegetable fats, oils, waxes: -$2.2 billion (Up by 8.9%)
- Organic chemicals: -$2.1 billion (Down by -29.3%)
- Plastics, plastic articles: -$2 billion (Down by -37.2%)
- Iron, steel: -$1.9 billion (Down by -49.4%)
Egypt has highly negative net exports and therefore deep international trade deficits for machinery including computers plus wheat and corn under the cereals product category.
Egyptian Export Companies
One Egyptian regional bank ranks among Forbes Global 2000 for 2019, namely Cairo-based Commercial International Bank.
Wikipedia lists some exports-related companies from Egypt. Selected examples are shown below.
- ABU QIR Fertilizers and Chemicals Industries (nitrogen fertilizers)
- Al-Mansour Automotive (automobiles)
- Arab American Vehicles (automobiles)
- Arab Contractors (construction materials)
- BiscoMisr (baked products)
- Challenger Ltd (oil, gas)
- Corona (confectionery, chocolate)
- Egyptian Natural Gas (oil, gas)
- Egy-Tech Engineering (automobiles)
- Juhayna (beverages, yogurt)
In macroeconomic terms, Egypt’s total exported goods represent 2.3% of its overall Gross Domestic Product for 2023 ($1.8 trillion valued in Purchasing Power Parity US dollars). That 2.3% for exports to overall GDP in PPP for 2023 lags the 2.9% for 2022. Those metrics suggest a relatively decreasing reliance on products sold on international markets for Egypt’s total economic performance, albeit based on a relatively short timeframe.
Another key indicator of a country’s economic performance is its unemployment rate. Egypt’s unemployment rate averaged 7.185% for 2023, down from an average 7.323% one year earlier in 2022 according to data from the International Monetary Fund.
Egypt’s capital city is Cairo.
See also Egypt’s Top 10 Imports, Uganda’s Top 10 Exports, Somalia’s Top 10 Exports, Turkey’s Top Trading Partners and India’s Top Trading Partners
Research Sources:
Central Intelligence Agency, The World Factbook report on South Asia: Sri Lanka. Accessed on July 25, 2024
FlagPictures.org, Flag of Egypt. Accessed on July 25, 2024
Forbes Global 2000 rankings, The World’s Biggest Public Companies. Accessed on July 25, 2024
International Monetary Fund, Exchange Rates selected indicators (Domestic Currency per U.S. dollar, period average). Accessed on July 25, 2024
International Monetary Fund, World Economic Outlook Database (GDP based on Purchasing Power Parity). Accessed on July 25, 2024
International Trade Centre, Trade Map. Accessed on July 25, 2024
Investopedia, Net Exports Definition. Accessed on July 25, 2024
United States Census Bureau, Foreign Trade . Accessed on July 25, 2024
Wikipedia, Egypt. Accessed on July 25, 2024
Wikipedia, Gross domestic product. Accessed on July 25, 2024
Wikipedia, List of Companies of Egypt. Accessed on July 25, 2024
Wikipedia, Purchasing power parity. Accessed on July 25, 2024