Egypt's gold exports hit $3.2bln in Q1 2025: Wasif
Wasif attributed the exceptional performance to three key factors: rising global demand for gold amid heightened geopolitical tensions, substantial improvements in local jewelry design and manufacturing quality, and the Division's increased participation in international exhibitions and trade shows.
Speaking on Sunday, Wasif explained that the surge in gold exports aligns with the global shift toward gold as a safe-haven asset in light of escalating trade conflicts and international instability. This environment has created new openings for Egyptian products, particularly in markets seeking both quality and reliability.
He emphasized that Egypt's jewelry industry has undergone a notable transformation, with designs and craftsmanship now rivaling international standards. This competitive edge has enabled Egyptian exports to penetrate high-value markets such as Saudi Arabia and the UAE, in addition to new destinations in Europe and North America.
Marketing efforts have also played a critical role. 'Our presence at international exhibitions has significantly increased brand visibility and built confidence in Egyptian gold among major foreign importers,' Wasif said.
Breaking down the quarterly divs, he noted that exports totaled $929.5 million in January, rising to $1.804bn in February and maintaining strong momentum through March. The UAE, Saudi Arabia, and Turkey were the top importing countries, with noticeable growth in exports to Europe and the United States.
Wasif highlighted these achievements as a fulfillment of the Division's pledge to President Abdel Fattah Al-Sisi to hit the highest export targets in the sector's history. He credited strong governmental support—particularly from the Ministries of Supply, Industry, and Investment, as well as the Central Bank and the Assay and Weights Authority—for enabling the industry's progress.
Egypt aims to rank among the world's top 10 gold-exporting countries by 2027. Wasif noted that Egypt's global position in jewelry exports has already improved significantly, rising from 94th in 2022 to 54th in 2023, with plans to climb further in the next two years.
He also pointed to the Central Bank of Egypt's decision to extend the export proceeds payment period to 75 days as a key facilitator for the recent export boom. 'This policy gave exporters much-needed flexibility in navigating foreign markets,' he said.
The Division now plans to formally request a return to the original legal framework that allows for a 180-day payment period—a move Wasif believes would further enhance Egypt's export performance and global competitiveness.
© 2024 Daily News Egypt. Provided by SyndiGate Media Inc. (Syndigate.info).
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