EGYPT – Egypt’s food industry investments have surpassed US$16.2 billion, playing a pivotal role in bolstering the national economy, according to Hassan El-Khatib, Minister of Investment and Foreign Trade.
The sector now boasts more than 7,500 official establishments, provides over 7 million job opportunities, and contributes approximately 14% to Egypt’s total exports.
El-Khatib made these remarks during the third food industry conference, “Egypt’s Food,” which focused on strategies to strengthen the food industry’s role in economic growth and sustainable development.
Record-breaking export performance
Despite various economic challenges, the minister emphasised that the food industry remains one of Egypt’s fastest-growing export sectors, recording significant growth over the past five years.
According to the Food Export Council, Egypt’s food industry exports from January to October 2023 reached US$5.1 billion. This figure marks an 18% increase compared to US$4.3 billion recorded in the same period of 2022. Notably, it surpasses the total exports for all of 2022, which stood at US$5.068 billion, by more than US$30 million.
The sector’s growth reflects a historic milestone, with a US$770 million increase in export value within the first 10 months of 2023—the highest growth rate and export value in the industry’s history.
Arab countries emerged as the largest market for Egyptian food products, accounting for US$2.675 billion, or 53% of total food exports, with a 14% year-on-year (YoY) increase.
The European Union followed, importing US$1.023 billion, representing a 38% YoY growth and comprising 20% of Egypt’s total food exports.
Non-Arab African countries also showed promising growth, with exports increasing by 11% to reach US$425 million, representing 8% of the total. The United States recorded US$277 million in imports, marking a robust 38% YoY increase and accounting for 5% of total food exports.
Other markets contributed US$698 million, showing an 8% growth rate and representing 14% of total exports.
Specifically, Saudi Arabia led the list of top importers, purchasing US$393 million worth of Egyptian food products, reflecting a 16% increase.
Sudan followed with imports valued at US$341 million, despite a 21% decline. The United States ranked third, importing US$277 million, with a notable 38% growth rate. Libya imported US$264 million, recording a 21% growth, while Palestine saw imports of US$261 million, reflecting a 24% increase.
The Netherlands experienced the highest growth rate among all markets, importing US$228 million, a staggering 106% increase. Other key markets included Jordan, which imported US$198 million (25% growth), and Morocco, which saw imports rise to US$171 million, a 77% YoY increase.
According to the report, Soft drink concentrates topped Egypt’s list of exported food products, with exports valued at US$463 million, reflecting an 8% increase.
Flour followed, reaching US$401 million with a 5% growth rate. Frozen strawberries ranked third, with exports valued at US$353 million, reflecting a 15% increase.
Sign up to HERE receive our email newsletters with the latest news and insights from Africa and around the world, and follow us on our WhatsApp channel for updates.