Egypt's Minister of Trade and Industry Tarek Kabil listens during an interview with Reuters after Euromoney Conference in Cairo, Egypt September 19, 2017. REUTERS-Amr Abdallah Dalsh
CAIRO – 12 October 2017: The deficit in the trade balance slumped $12.23 billion (37 percent) in the first eight months of 2017, to stand at $20.1 billion compared to $32.4 billion in the same period in 2016, Minister of Industry and Foreign Trade Tarek Kabil announced Thursday.
Non-petroleum exports in that period increased 11 percent to register 15 billion, compared to 13.5 billion from January to August last year, Kabil said in a statement.
Meanwhile, non-petroleum imports declined 23 percent from $45.5 billion from 35.1 billion in the same period, marking a 23 percent decrease.
A report published by the Ministry of Industry noted that exports of eight sectors have increased. The list was topped by chemicals and fertilizers at 44.3 percent increase, ready-made garments (10.6 percent), building materials (8 percent), textile (6 percent), engineering industries (5.8 percent), food industries (5.4 percent), agriculture crops (3.8 percent) and upholstery (1.6 percent).
On the importing side, a number of sectors have registered declines such as the ready-made garments at 55 percent, books at 49 percent, and leather products at 39 percent.
Egypt’s foreign trade flow has grown 273.5 percent in 10 years to stand at $737 billion in 2015, compared to $197.3 billion in 2006, the state’s statistics body, CAPMAS, said in a study last month.
The study, which focused on global trade, stated that total world exports recorded $15.98 trillion in 2015, to which Egypt contributed $21.9 billion, CAPMAS reported.
As for global imports, it marked $16 trillion, of which Egypt shaped $74.4 billion.