Egypt’s gold and precious stone exports have skyrocketed by 74% in the first 11 months of 2024, reaching a total of $2.85 billion. This impressive growth, reported by Al Arabiya Business based on government data, marks a significant increase from $1.64 billion in the same period last year.
The United Arab Emirates (UAE) has emerged as the primary destination for Egyptian gold, with exports to the nation soaring by 103% to $1.76 billion, a substantial leap from $874 million in 2023. This surge underscores the UAE’s growing demand for precious metals and its strengthening economic ties with Egypt.
Switzerland, another key player, has dramatically increased its imports of Egyptian gold by 193%, totaling $1 billion compared to $364 million in the previous year. Together, the UAE and Switzerland now account for over 96% of Egypt’s gold exports, collectively importing $2.76 billion worth of the commodity.
However, not all markets have shared in this prosperity. Canada’s imports of Egyptian gold plummeted by 98%, amounting to a mere $6 million, a stark contrast to the $373 million recorded in the same timeframe last year. Turkey also saw a sharp decline, with imports dropping by 89% to $2.5 million from $22.3 million in 2023.
In a surprising twist, Jordan reported an extraordinary growth of over 2000% in its imports, which increased to $3.3 million from a mere $0.1 million in the previous year. This remarkable surge highlights the shifting dynamics within Egypt’s gold export markets and points to potential new opportunities for expansion.
Industry experts suggest that the booming exports to the UAE and Switzerland could be attributed to favorable trade agreements and increased demand for gold as a secure investment amidst global economic uncertainties. According to Dr. Ahmed Youssef, an economist specializing in Middle Eastern trade, “The strategic alliances and economic policies in place have paved the way for Egypt to capitalize on these lucrative markets.”
Exclusive to the Middle East Observer, an industry insider indicated that upcoming trade negotiations might further solidify Egypt’s position in the global gold market, potentially opening new avenues for trade with emerging economies in Asia and Africa. This forward-looking approach could ensure sustained growth and diversification of Egypt’s export portfolio in the years ahead.
