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Article

23 Dec 2024

Author:
Egypt Today

Egypt: Garment exports surge by 17% in first ten months of 2024

"Egypt's ready-made garment exports surge by 17% to $2.27B in first 10 months of 2024", 23 December 2024

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...

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.

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...

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..