Egypt’s exports of iron and steel products to the European Union countries declined by about 37% during the first half of this year, according to government data.

The data showed that imports from the European Union countries decreased during the period from January to the end of last June to about $420 million, compared to about $670 million in the same period in 2023.

Egypt’s exports to the European Union countries represented about 41% of Egypt’s total iron and steel exports during the first half of this year, compared to about 55.7% of total exports during the same period last year.

Egypt’s iron and steel exports fell by 17% during the first half of this year, recording $1 billion, compared to $1.2 billion in the same period in 2023, according to the data, which showed that Turkey topped the list of countries importing the most from Egypt, with a value of $138.3 million, with a share equivalent to 13.5% of total exports.

The noticeable decline in Egypt’s iron and steel exports in general is due to the decline in export revenues to the top five markets importing from Egypt (Turkey, Spain, Italy, the United States and Romania), as Romania, Spain and Italy reduced their imports of Egyptian iron and steel by 55%, 46% and 35% respectively, while the United States and Turkey reduced their imports from Egypt by smaller percentages of 17% and 14% respectively.

Spain is the largest importer (belonging to the European Union) of Egyptian iron and steel products in the first half of this year, as it imported products worth nearly $118 million alone, while Italy came in second place with exports worth more than $108 million, followed by Romania with $56 million.

The three countries (Spain, Italy and Romania) account for two-thirds of Egypt’s iron and steel exports to the European Union countries during the first half of this year, with a share equivalent to 67%.