STORY: Egypt aims to raise gold exports to $3 bln by end of 2024
SHOOTING TIME: Sept. 15, 2024
DATELINE: Sept. 16, 2024
LENGTH: 0:01:18
LOCATION: Cairo
CATEGORY: ECONOMY

SHOTLIST:
1. Various of gold pieces

STORYLINE:

The value of Egypt's gold and gemstone exports jumped to $1.526 billion in the first seven months of this year, up from $700 million in the same period last year, according to government data reviewed by Al Arabiya Business.

The data, published on Sunday, reveal that the UAE and Switzerland received about 99 percent of the country's total exports from January to the end of July.

The UAE alone imported $908 million worth of gold, compared to only $235 million in the same period last year. Despite the significant growth in Egypt's gold exports to the UAE, the data show that Switzerland topped the list of largest importers of Egyptian gold in July. UAE imports of Egypt's yellow metal declined in July, falling from $68 million last year to $65 million this year.

Switzerland imported $605 million worth of gold from Egypt during the period from January to the end of July, compared to $88 million in the same period last year.

The head of the Gold and Jewelry Division at the Federation of Egyptian Industries, Ihab Wassef, expects Egypt's gold exports to rise to more than $3 billion by the end of this year.

Last year, Egypt's exports of gold and precious stones amounted to $1.8 billion. That figure was $1.6 billion in 2022, according to a report issued by the Export Council for Building Materials, Refractories and Mineral Industries in Egypt.

Xinhua News Agency correspondents reporting from Cairo.
(XHTV)