Egypt's Exports Increase by 16 Percent in Six Months

Hatem Saleh Industry and Foreign Trade Minister said on 15/10/2012 that Egypt's exports grew by 16 percent in September bringing total revenues of exports LE 11.772 billion against LE 10.172 billion during the same period last year. Total value of exports this year till the end of September reached LE98.324 billion. The figure represents 75 per cent of the target of the strategic annual plan set for doubting value of exports which is LE 1300 billion for this year. Saleh added that the target till the end of September is only LE 97.50 billion. The increase of exports this month is a positive sign for the beginning of the recovery of the Egyptian economy as the political stability contributed to the restoration of the Egyptian product of place in the foreign market.

The Minister expounded that according to reports of Foreign Trade Ministry the largest increase in exports went to the building materials as exports of this sector in September reached LE 4.464 billion in value against LE 2.885 billion during the same period last year, the minister added. The Minister said most of the exporting sectors achieved high rates of growth as furniture exports increased from LE 122 million in September 2011 to LE 135 million in September 2012. Pharmaceutical industries went up from LE 202 million to LE 235 million, hides exports increased from LE 34 million to LE75 million, agricultural products went up from LE 3.2 million to LE 479. The Minister added that chemical industries exports value declined to LE 2.548 billion during September last year. Engineering industries exports dropped from LE 1.84 billion to LE 1.97 billion, he added.