Egyptian exports to Africa boosted on presidential visits

CAIRO- 18 August 2017: Egyptian exports to African markets have rebounded to normal levels in the previous fiscal year, according to the data of Central Bank of Egypt.

The highest level in Egyptian exports to Africa was seen in FY 2015/16, recording $ 508 million.

The surge was attributed to the political tours made by President Abdel Fatah al-Sisi to African countries and the meetings of African Summits in which he participated since he took office in June 2014.

Egyptian exports to African markets in FY2010/11 fiscal year were estimated $ 542 million; however, it saw a sharp decline after January 25 revolution, standing at $ 499 million in FY 2011/12.

Continuing to decline, exports recorded $ 440 million and $ 485 million in FY 2012/13 and FY 2013/14 respectively.

A slight increase was seen in FY 2014/15 as exports recorded $ 498 million.

Sisi has made a four-day visit this week to four African countries including Tanzania, Rwanda, Gabon and Chad to strengthen African Egyptian relations and to open new scopes of cooperation with Africa.

Trade volume between Egypt and the four African countries reached $ 73 billion in 2016, Minister of Industry Tarek Kabil said Monday.

Egyptian exports to Tanzania, Rwanda, Gabon and Chad was $ 69 million last year, while imports recorded $ 4 million, Kabil said in a statement.