Trade deficit improved by 25% in 2017, thanks to a significant rise in exports.
Cairo- Minister of Trade and Industry Tarek Kabil announced that non-oil exports surged to around $22.417 billion in 2017, rising 10% from $20.409 in 2016. Imports, on the other hand, fell 14% from $66.309 billion in 2017 to $56.814 billion a year earlier, improving trade deficit by 25%.
Based on the latest report on foreign trade indicators, eight industrial sectors witnessed a major export growth in 2017, namely: chemicals and fertilizers (32%); ready-made garments (13%); engineering industries (10.6%); linens (4%); textiles (6.5%); food industries (3%); construction materials (3.5%); and agricultural products (3%).
“The ministry had been working diligently over the past two years to eliminate random import of poor-quality products and enhance local manufacturing to boost Egyptian exports,” Kabil noted.
According to the report, the top 10 markets receiving Egyptian exports were: UAE, Saudi Arabia, Lebanon, US, Germany, France, Spain, Turkey, Italy and Britain. Exports to these markets amounted to $11.855 billion in 2017, with an 8.5%-increase from 2016.