Egypt's ready-made garment exports surge by 17%

Egypt's ready-made garment exports witnessed a remarkable growth of 17% during the first ten months of 2024, reaching $2.27 billion compared to $1.94 billion during the same period in 2023, according to Fadel Marzouk, Head of the Ready-Made Garments Export Council.

 

This growth has been fueled by a surge in foreign investments from countries like China, Vietnam, Turkey, and India, coupled with local investments by Egyptian manufacturers. Expansion projects in existing factories also played a pivotal role in driving this increase, Marzouk noted.

 

Marzouk expressed optimism about the future of Egypt’s ready-made garment industry, forecasting sustained growth over the next decade. He credited this positive outlook to ongoing investments, penetration into new export markets, and the implementation of sector-specific development strategies.

 

The U.S. continued to dominate as the primary destination for Egyptian garments, with exports to the market rising by 14% to $971 million, up from $848 million in the corresponding period last year. Marzouk underscored the critical role of the U.S. as Egypt's top importer in this sector.

 

The European Union, the second-largest market for Egyptian garments, also recorded significant growth. Exports to EU countries jumped by 31% to $531 million, compared to $407 million during the same period in 2023.

 

Exports to Arab nations displayed steady progress, increasing by 11% to $409 million, up from $368 million in the first ten months of 2023.

 

Looking ahead, the Ready-Made Garment Export Council aims to achieve an ambitious 20% annual growth in exports, targeting $3.3 billion by the end of 2025. Marzouk stressed the importance of continued collaboration with government entities to boost export volumes and maintain this upward trajectory.