Furthermore, Egypt’s GDP is projected to grow by 5.2% in 2022/23. However, as a result of quick mitigating actions taken by the GoE and ongoing International Monetary Fund (IMF)-required reforms, the economy grew by 5.9 percent in 2021, one of the highest growth rates in the Middle East and North Africa (MENA) region. Covid-19 PandemicĮgypt has been strongly impacted by the COVID-19 pandemic. The Government of Egypt (GoE) is pursuing more energy efficient and environmental projects as part of its vision for more green and renewable energy sources. Egypt relies heavily on imported wheat, corn, and soybeans,Įgypt is hosting the 27th United Nations Climate Change Conference (COP 27) in Sharm el Sheikh November 7-18, 2022. Agriculture accounts for 28 percent of all jobs and 11.3 percent of GDP. The bulk of output comes from the agriculture, manufacturing, energy, and services sectors. The industry accounts for 3.5 percent of Egypt’s GDP.Įgypt’s economy is diverse. The textiles and apparel industry is the second largest industrial employer in Egypt, employing 15 percent of Egypt’s manufacturing workforce and nearly half of women working in manufacturing. Chemicals, minerals, fertilizers, glass, and agricultural products accounted for the remaining six percent of QIZ exports. Textile and apparel exports represented 94 percent of all of Egypt’s QIZ exports. In 2021, QIZ exports to the United States were $1.2 billion. Textile and apparel exports are the largest Egyptian non-fuel exports to the United States with a value of $1.1 billion, representing 45.1% of all Egyptian exports to the U.S. The U.S.-Egypt Qualifying Industrial Zone (QIZ) program promotes stronger ties between Egypt and Israel, as the United States waives duties on Egyptian imports if the value of the imports include 10.5% Israeli content, imports from Egypt include apparel, petroleum, processed foods, textiles, and chemicals. exports to Egypt include agricultural goods, transportation equipment, chemicals, machinery, and computer and electronic products. were $3.2 billion last year, an increase of 35.5 percent in value from 2020. exports to Egypt were $5.0 billion in 2021, up 12.6 percent since 2020. While the economic slowdown caused by the COVID-19 pandemic resulted in a 20 percent drop in U.S.-Egyptian trade in 2020 from 2019, overall trade rebounded 18.1 percent from 2020 to 2021 to a value of $9.1 billion. goods and services in Africa, and the fourth largest export market for goods and services in the Middle East. Egypt’s strategic location offers companies a platform for their commercial activities into the Middle East and Africa.Įgypt is the United States’ 41st largest goods export market in the world, the top export market for U.S. Egypt’s current population of over 103 million and Gross Domestic Product (GDP) of $402.8 billion offer solid opportunities for U.S. Egypt and the United States share many mutual interests, including strong commercial ties. Economic Development Organizations (EDO)Įgypt is an important strategic partner of the United States.Foreign Direct Investment Attraction Events.Facing a Foreign Trade AD/CVD or Safeguard Investigation?.
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