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Foreign trade surge 11 pct, exports up 10 pct in Jan-Aug
30 September 2018  -  Organization :  -  Sector/Entity :  -  Category : General

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Exports increased by 10% and imports by 12% during the first eight months of the year.

Cairo- Aug 3, 2018 Minister of Trade and Industry Amr Nassar announced that foreign trade surged 11.8% year on year to around $59.683 billion in the first eight months of the year, up from $53.346 billion.

Based on a recent report by the ministry’s General Organization for Export and Import Control (GOEIC), non-oil exports increased by 10% and imports by 12% in the same period from a year ago, registering $16.540 billion and $43.143 billion respectively. 

“The ministry seeks to boost exports to markets around the world in the coming period,” Nassar said commenting on the report. 

According to the report, Egypt’s trade with the US grew 28.2%; and likewise with non-Arab African countries by 19.5%, Arab states by 9% and the EU by 3.9%. 

It also stated that the top markets receiving Egyptian exports in the January-August period were: UAE, Turkey, Italy, Saudi Arabia, US, UK, Spain, Algeria, Germany, France, Jordan and Russia.

Ismail Gaber, head of the GOEIC, said that  the five sectors of chemicals and fertilizers, handicrafts, medical industries, textiles, ready-made garments were the key drivers behind export growth in the first eight months of the year; rising 24.8%, 10.1%, 13%, 7.2% and 5.9% respectively.

Similarly, imports of linens, leather products, handicrafts, construction materials and ready-made garments enjoyed an increase of 61.6%, 34.6%, 28.1%, 26.4% and 32.8% respectively over the same period in 2018.

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