Data Reveals: Egypt's Rising Gold Export Value Driven by Global Prices, Not Industrial Growth
Despite recent discussions about a surge in Egypt's gold exports, available data paints a different picture, indicating that there hasn't been a substantial boom. Statistics show that roughly 90% of the gold exported is raw gold—a long-standing practice in the Egyptian market aimed at securing foreign currency and providing local cash liquidity.
This trend became more apparent after the Central Bank intervened and lifted the valuation fees on raw gold exports, following an earlier decision by the Ministry of Supply and Internal Trade in 2021 to impose those fees in line with those applied to jewelry exports.
Why Have Export Values Increased?
The primary reason is the rise in global gold prices, not an actual increase in export volumes or an improvement in local industry.
Therefore, much of the narrative from the Precious Metals Division seems more like an attempt to maintain media visibility. The most critical indicator in this context is the volume of jewelry exports, as it is the only metric that reflects real added value for the domestic industry. In contrast, collecting scrap gold, melting it, and reselling it abroad does not constitute genuine industrial growth.
How Much Jewelry Does Egypt Export?
This question can only be answered precisely through official data issued by the Assay and Weights Authority and Customs Authority.
However, according to sector sources, following the December 2022 decision by Minister of Supply and Internal Trade Dr. Ali Al-Moselhy to remove valuation fees on jewelry exports, some companies attempted to enter the export market. Nevertheless, the numbers remain limited. Business owners confirm that Egypt's total jewelry exports since the beginning of the year have not exceeded 100 kilograms—a modest figure compared to regional markets. Moreover, the total value
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