Egypt Increases Gold Exports
A new ro-ro route will be opened between Egypt and Italy
In the first nine months of 2024, exports of gold from Egypt grew 96% compared to the same period last year. Egyptian exports of the yellow metal reached $2.17 billion, compared to $1.11 billion in the corresponding period of 2023, according to Saudi press agency Al Arabiya. Egypt exported $460 million worth of gold in September, compared to about $179 million in the same month last year, an increase of 1.56 times.
Major importing countries for Egyptian gold include the United Arab Emirates, which will host the XVII Verona Eurasian Economic Forum on December 5-6, an event that attracts politicians, diplomats, economists, financiers, and industry executives from around the world.
Italy has traditionally been very attentive to developing economic and trade relations with the North African country. A ro-ro service between the Egyptian port of Damietta and the port of Trieste will open on Friday, October 29, with the departure of the Wadi Al-Arish vessel of the National Shipping Company (pictured), one of the companies of the Egyptian Ministry of Transport.
In combined roll-on/roll-off transportation (better known as ro-ro), a truck is used to pull the departure and arrival loads (short routes), while a ship covers the long haul of transportation (photo below).
It will be the first link of its kind between Egypt and Italy, with the goal to create a green corridor between the two countries for transportation, logistics, and transit trade, as well as opening up export markets for Egypt’s agricultural raw materials to Italian and European markets. As the Egyptian government wrote in a press release, “all incentives have been provided for the project to guarantee its continuity and economic operation.” In particular, port charges are reduced by 88%, subject to the application of the reciprocity principle in Italy. Taxes on Egyptian roads were reduced from US$300 per truck coming from abroad and US$350 per truck leaving from abroad to just US$100 for both imports and exports. It was announced that initially “transportation operations will be conducted with weekly flights from each port.” Departures from the Egyptian port of Damietta will be every Friday, while the ship will depart from the port of Trieste on Mondays, with an estimated navigation time of 68 hours.
