This occurred at the First Conference of Food Industry Exporters' Opening, which was attended by Hassan El Khatib, Minister of Foreign Trade and Investment. Berzi continued, "From January 2024 to July 2024, the food industry recorded $3.7 billion in exports, a 23 percent increase over the same period in 2023." He mentioned that over the last ten years, Egypt's food industry has exported goods worth a total of $36 billion.
Food Exports Surge in Berzi
Berzi continued, saying that over the last three years, the food industry's exports have grown significantly, reaching $20.4 billion. The Ministry of Industry and Transport reports that $4.7 billion in building material exports were made, with the food industry coming in second. The destinations of food sector exports were dominated by Arab nations (52%), followed by the European Union (22%), non-Arab African countries (7%), the United States (5%), and the rest of the world (14%).
Egyptian Food Industries Dominate Global Market
Frozen strawberries, soft drink concentrates, sugar, glucose, lactose, flour and starch, and animal feed were also among the most popular food goods shipped. According to Berzi, 13 Egyptian food industries including those that produce baking powder, dried unions, and frozen strawberries were among the top nine export goods in the world in 2023.
The Egyptian food industry is expected to receive 500 billion Egyptian pounds' worth of investments, according to the Industrial Modernization Centre (IMC). Furthermore, according to the IMC, there are seven million job prospects in the food business, which generates 24.5 percent of the GDP and employs 23.3% of the workforce in the country.
Conclusion
Egypt's food business is growing; in the first half of 2024, exports increased by 23%. This expansion demonstrates Egypt's growing significance in the world food market. Through 2027, the nation hopes to increase food exports by 15% yearly, enhancing its economic standing and position as a leader in important agricultural commodities. Large investments and noteworthy GDP contributions highlight the sector's crucial significance in the economy.
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