RIYADH: Egypt’s merchandise exports soared by 9.8 percent year-on-year in the first five months of 2024 to reach $16.55 billion, according to a top official. Exports increased every month over the period, underscoring the north African country’s ongoing expansion in global trade, according to Egypt’s Minister of Trade and Industry Ahmed Samir. Notable items that contributed to the growth included fresh and dried citrus fruits valued at $721 million, wires at $353 million, and manufactured petroleum oils at $186 million. Key export sectors also included building materials, valued at $3.86 billion, the food industry at $2.64 billion, and chemical products and fertilizers estimated at $2.49 billion. Agricultural crops were worth $2.26 billion, according to a statement. The ministry aims to bolster exports across all sectors to diverse global markets in the coming phase, emphasizing collaboration between government entities, business communities, and Egyptian exporters to enhance product quality and competitiveness. This effort supports Egypt’s target of achieving $100 billion in annual merchandise exports. Moreover, the statement revealed that Saudi Arabia emerged as the top market for Egyptian merchandise exports during this period, totaling $1.39 billion. Following Saudi Arabia, Turkiye accounted for $1.31 billion, the UAE at $1.13 billion, Italy with $974 million, and the US at $904 million. In May, Egypt’s Central Agency for Public Mobilization and Statistics revealed that the value of Egyptian exports to Arab countries surged 8.7 percent year-on-year, reaching $13.6 billion in 2023. Saudi Arabia led among Arab nations in importing from Egypt, with exports totaling $2.7 billion during the year, according to the statement issued last month. This trend underscores the substantial growth in trade relations, partnerships, joint projects, and development investments between the two countries in recent years. Last month, the International Monetary Fund projected that Egypt’s foreign cash inflows would come from five sources, including commodity exports, tourism and Suez Canal revenues, as well as private transfers and net foreign direct investment. The fiscal year 2023-2024 total will be around $107.3 billion, compared to about $93.6 billion in 2022-2023. However, the IMF anticipates inflows to decrease again in the next fiscal year, dropping below the previous year’s level to approximately $91.2 billion.