Egypt's Processed Food Exports Help Mitigate Currency Crisis
The Egyptian pound has been experiencing significant fluctuations in value over the past decade, with a record low of EGP54 per US$ in March 2026. Despite recent signs of stabilization at around EGP50 per US$, this is still far from the pre-2015 levels of EGP6 to EGP7 per US$. The currency devaluation has had a significant impact on large food businesses in the Middle East, with Agthia attributing some of its growth and operational challenges to the depreciation of the EGP.
The International Monetary Fund released $1.8bn last month to support Egypt's recovery after completing comprehensive reviews. The Egyptian economy has been deemed 'resilient' to impacts from the Iran war, with the food sector being one of the few remaining strong areas. Processed food exports out of Egypt grew by 7.1% year-on-year to $2.43bn between January and April 2026.
Frozen strawberries remain Egypt's top processed food export, followed closely by cola concentrates, chocolate, and edible oils. These products have shown significant growth in international markets, with the US, China, and several European Union countries showing a strong demand for Egyptian processed foods. Saudi Arabia is currently the leading destination for these exports.