Egypt targets $115.8 bln in annual exports by 2030
Madbouly made his remarks during the inaugural meeting with members of six specialised advisory committees established to guide the government.
The committees encompass key sectors: macroeconomics, export development, the digital economy, entrepreneurship, tourism development, political affairs, urban development, and real estate exports.
The new export target is notably lower than the $145 billion goal announced in January 2024.
Egypt also aims to bring the value of imports to $105 billion by 2030, with an annual growth rate of 5 percent, Madbouly pointed out.
Due to the Red Sea disruption, Suez Canal transit revenues, one of Egypt’s major sources of foreign currency, plummeted by 61.2 percent in the first quarter of FY 2024/2025, falling to $931.2 million compared to $2.4 billion in the same period last year.
He added that Egypt’s trade balance has shown notable improvement, decreasing the trade deficit from $48 billion in 2015 to $37 billion in 2024.
During the meeting, Madbouly highlighted the progress made in exports and imports over the past decade, noting that the country’s imports increased from $67 billion in 2015 to $78.5 billion in 2024, marking a 16 percent rise.
Meanwhile, non-oil commodity exports grew significantly, from $18.6 billion in 2015 to $40.8 billion last year, reflecting a growth rate of 119 percent.
Earlier in January, Minister of Investment and External Trade Hassan ElKhatib announced that Egyptian exports hit an all-time high of $40 billion in 2024.
Madbouly expressed optimism about the potential for Egypt to achieve its ambitious export targets despite scepticism.
“The progress made demonstrates the potential for such achievements,” he affirmed.
Madbouly also revealed that the total value of real estate exports has reached $550 million, describing the figure as "extremely low" compared to other Arab nations and global benchmarks.
The prime minister stated that Egypt's share of global real estate exports is 1.8 percent, emphasising the need to create a breakthrough in real estate exports and encourage foreigners to purchase properties in foreign currency.