Egypt’s exports rose by 7 percent year-on-year in May, while imports declined by 19 percent as the country continues to struggle with a foreign currency crisis, Egypt’s Minister of Trade announced on Tuesday. Exports increased to USD 1.9 billion in May, up from USD 1.7 billion during the same month last year, while total exports from January-May 2016 increased by 3 percent when compared to the same period in 2015, Aswat Masriya reported. Minister of Trade Tarek Kabil said that these numbers mark a significant improvement from last year, when the value of exports dropped by 16.4 percent. Meanwhile, the value of imports totaled USD 18 billion during the first four months of the year, down from USD 22.5 billion during the same period last year. Kabil said this drop indicates the success of the trade ministry’s strategy to boost exports and “curb the chaos in imports.” 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. Egypt has been struggling…
Egypt’s Exports Rise 7%, Imports Drop as Traders Struggle With Foreign Currency Crisis
June 28, 2016
