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Exports up 6 pct, trade deficit down 1 pct in Q1
17 April 2021  -  Organization :  -  Sector/Entity :  -  Category : Trade News

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The markets of Turkey, US, Saudi Arabia, Italy and Malta accounted for 34% of Egypt’s total exports in January-March.

Cairo- Apr 17, 2021

Minister of Trade and Industry Nevine Gamea has announced that non-oil exports grew 6% year on year in the first quarter to around $7,438 billion, up from $6,990 billion.

Based on a recent report, imports also increased slightly by 2% in the same period from a year ago, registering $16.991 billion, compared to $16.675 billion.

“Thanks to relentless efforts by the Ministry of Trade and Industry, Egypt has managed to achieve a remarkable export rise and maintain its markets abroad amid the COVID-19 crisis,” Gamea said commenting on the report, noting that trade deficit narrowed 1% to around $9.552  billion.

The sectors of chemicals and fertilizers ($1.530 billion), building materials ($1.353 billion), food industries ($965 million), engineering and electronic products ($739 million), ready-made garments ($434 million), and medical industries ($174 million) were the key drivers behind export growth in the January-March period, said Ismail Gaber, head of the General Organization For Export and Import Control.

According to the report, 30.6% of total Egyptian exports were destined for countries including: Turkey, US, Saudi Arabia, Italy and Malta, with values worth $504 million, $498 million, $456 million, $447 million and $375 million respectively.

On the other hand, the largest exporters to Egypt were: China, US, Germany, Russia and Italy, with values amounting to $3.145 billion, $1.495 billion, $970 million, $855 million and $689 million respectively, which together accounted for 42.1% of the country’s overall imports.

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