Egyptian exports to Spain jump 48% in H1 2017

CAIRO – 30 August 2017: Egyptian exports to Spain hiked 48 percent in the first half (H1) of 2017 to record $344 million, up from $233 million in H1 2016, said a Wednesday official report.

In a report sent by the Egyptian Commercial Service Office (ECS) to the Minister of Industry and Foreign Trade Tarek Kabil, Egyptian imports were stated to mark $1.3 billion in that period, 57 percent more than the $550 million of imports in H1 2016.

Deficit of the trade balance between both countries declined $206 million in that period, compared to $1 billion in H1 2016 to reach 38 percent, head of ECS Ahmed Antar said in the statement.

In attempt to rationalize spending of international foreign reserves, the Egyptian government has taken measures to lessen its imports bill.

The trade deficit recorded $11.13 billion in the first half of 2017, down from $24 billion in the year-ago period, according to the foreign trade ministry's statistics.

The ministry reasoned the deficit drop to higher exports by eight percent to reach $11.13 billion in the first six months of 2017, compared to $10.29 billion in the same period of the previous year.

On the other hand, imports leveled down 30 percent to $24 billion in H1 of 2017, compared to $34 billion in H1 of 2016.