Foreign Trade Up 16 Pct, Exports Surge 11pct in 10 MonthsSource: www.export-egypt.com 11/26/2018, Location: Africa |
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Minister of Trade and Industry Amr Nassar announced that foreign trade surged 16.8% year on year to around $78.407 billion in the first ten months of the year, up from $67.96 billion.
Based on a recent report by the ministry’s General Organization for Export and Import Control (GOEIC), non-oil exports increased by 11% and imports by 19% in the same period from a year ago, registering $20.642 billion and $57.765 billion respectively. “Thanks to a solid economic recovery, Egypt is well on its way back on the global trade map,” Nassar said commenting on the report. “The coming period will witness more efforts aiming to boost exports to markets around the world.” According to the report, Egypt’s trade volume with the US grew 35%; and likewise with non-Arab African countries by 21%, the Arab League member states by 13% and the EU by 8.6%. It also stated that the top markets receiving Egyptian exports in the January-October period were: UAE, Turkey, US, Italy, Saudi Arabia, UK, Spain, Algeria and France; whereas China, US, Russia, Germany, Brazil, Turkey, Ukraine, India and Saudi Arabia were the largest exporters to Egypt. Ismail Gaber, head of the GOEIC, said that the five sectors of books and works of art, chemicals and fertilizers, medical industries, textiles, and ready-made garments were the key drivers behind export growth during the same period; rising 39.9%, 24.4%, 14.9%, 10.6% and 8.3% respectively. Similarly, imports of linens, leather products, ready-made garments, handicrafts and construction materials witnessed an increase of 63.6%, 36.8%, 40.7%, 36% and 31.4% respectively in the January-October period. |
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