Egypt’s steel exports fell 4pct YoY in 2024 to USD 2.3 bln, according to the Export Council for Building Materials. The decline is driven by rising trade barriers, including a 25pct U.S. tariff on steel imports and a 15.6pct preliminary EU tariff on Egyptian HRC, effective April 7, with a final decision in October. Turkey and the UK are also considering import quotas, further limiting market access.
Exports to the U.S. dropped from USD 230 mln in 2022 to USD 126.6 mln, pushing it from Egypt’s fourth to sixth-largest export market. Italy and Spain also saw steep declines, down 43pct YoY to USD 185 mln and 42pct YoY to USD 225 mln, respectively. Turkey remained Egypt’s top steel importer, purchasing USD 256 mln, while the UK imported USD 39 mln.
Despite setbacks in traditional markets, exports to Saudi Arabia (+150pct YoY to USD 108 mln), Libya (+151pct YoY to USD 48 mln), and Lebanon (+2pct YoY to USD 62 mln) grew, while Brazil saw the highest surge (+283pct YoY to USD 149 mln), becoming Egypt’s fifth-largest buyer.