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…
Egypt’s Exports Increase by $1 Billion, Imports Decrease by $7 Billion: Trade Minister
October 24, 2016
