News

Egypt’s Exports Increase by $1 Billion, Imports Decrease by $7 Billion: Trade Minister

Egypt’s Exports Increase by $1 Billion, Imports Decrease by $7 Billion: Trade Minister

Photo: Reuters
Photo: Reuters

Egypt increased its exports by USD 1 billion and decreased imports by USD 7 billion during the first nine months of 2016, state-owned Al-Ahram reported Egypt’s Minister of Trade and Industry Tarek Kabil as saying.

According to the minister, the sectors that saw the greatest increase in exports were construction materials, food products and furniture.

Kabil said that the trade ministry is currently working on a strategy to double Egyptian exports during the coming five years and will do so in coordination and cooperation with various export sectors.

The minister also said that the decline in imports represents an opportunity for local production to fill the void and further reduce Egypt’s reliance on imported goods.

Speaking to Reuters, Kabil said that Egypt is looking to decrease its trade deficit by USD 11-12 billion in 2016 in order to reduce the dollar shortage that has plagued the economy.

Egypt has been struggling with a foreign currency crisis since the 2011 uprising that toppled longtime president Hosni Mubarak, leading to a sharp decline in imports, which require foreign currency.

In an effort to ease the demand on foreign currency crisis in Egypt, the government has introduced a number of restrictions on imports and has instead encouraged reliance on local products, in addition to raising tariff rates on several products.

In August, Kabil announced the launch of the “Proudly Made in Egypt” campaign aiming to increase Egyptians’ reliance on locally manufactured, high-quality products.

The campaign is aimed at “introducing” Egyptian consumers to such products that adhere to the quality standards put forth by Egyptian or international bodies, while protecting consumers from products from the informal sector that do not adhere to the same standards.

“If you look at last month’s report, industry grew by almost 20 percent, because it has to fill the gap of the imports. Some of [the imports] are unnecessary and some is real consumption that Egyptian industry has to fill the gap for,” Kabil told Reuters.

Central Bank of Egypt governor Tarek Amer began imposing restrictions on imports, a major drainer of foreign currency, since he assumed his position in November of last year. Amer said curbing non-essential imports will save Egypt as much as USD 20 billion in 2016.

50 US Business, Government Representatives Visit Egypt
Egypt, Japan Sign Agreement for $460 Million Loan to Complete Grand Egyptian Museum

Subscribe to our newsletter


News

More in News

22.jpg.crop_display

Cairo Court Lists Egyptian Football Legend Aboutreika on Terror List

Egyptian StreetsJanuary 19, 2017
32385636795_e6f5d7101d_z

Egypt Secure Spot in Knockout Stage at 2017 Handball World Championship

Egyptian StreetsJanuary 19, 2017
1073779_big-lnd

Egypt’s Essam El-Hadary Makes African Cup History

Egyptian StreetsJanuary 18, 2017
pol

Eight Policemen Killed in Attack in Egypt’s New Valley

Egyptian StreetsJanuary 17, 2017
Tiran Island

Egypt High Court Declares Void Transfer of Tiran and Sanafir to Saudi Arabia

Egyptian StreetsJanuary 16, 2017
Top-best-hd-wallpapers-dubai-skyline-hd-wallpapers-imagen-by-balamuda

Egyptians Invest EGP 13 Billion in Dubai Real Estate in 2016

Egyptian StreetsJanuary 15, 2017
A pharmacist searches for medicine at a pharmacy in Cairo, Egypt, November 17, 2016. REUTERS/Mohamed Abd El Ghany

Medicine Prices in Egypt Increased by up to 20%

Egyptian StreetsJanuary 13, 2017
Navy officers appear to be handing out water bottles to a group of refugees who were prevented from illegally migrating in September 2015. Credit: Military Spokesman

Egypt Prevents 12,192 from Illegally Migrating in 2016

Egyptian StreetsJanuary 12, 2017
Egyptian Streets is an independent, young, and grass roots news media organization aimed at providing readers with an alternate depiction of events that occur on Egyptian and Middle Eastern streets, and to establish an engaging social platform for readers to discover and discuss the various issues that impact the region.

© 2016 ES Media UG. All Rights Reserved.