Egypt’s exports gain 15 % against 29 % imports decline in Q1 2017

CAIRO – 28 April 2017: Egyptian exports hiked by 15.3 percent during first quarter (Q1) of 2017 to stand at $5,5 billion (EGP99.2 billion), comparing to $4.78 billion at the corresponding period of 2016, Minister of Industry and Trade Tarek Kabil announced in a statement on Friday.

The statement added that imports decreased by 29 percent to reach $12.1 billion in Q1 2017 down from $17 billion in Q1 2016. That reflects the volume of the state’s trade balance deficit which fell to $6.59 billion during Q1 2017 comparing with $12.26 billion in Q1 2016. A decline estimated at 46.6 percent.

The figures that Kabil announced which are based on the latest report on the foreign trade index indicate the positive outcome achieved thanks to the efforts exerted by the Industry Ministry aimed at increasing the exports rates and reducing imports as well in order to save hard currency, according to the statement.

Egypt started to impose restrictions on imports on the back of a lack of currency crisis hit its economy since 2011.

Construction materials are on top of other sectors increased in exports at 60 percent reaching $1.4 billion up from $870 million.
Other sectors also achieved different hikes in exports; chemical products by 32 percent, furniture by 7.4 percent, agriculture crops by 4.1, textiles by 7.3, food industries by 1.7 percent.

The destinations received the Egyptian exports are those markets with which Egypt has free trade agreements such as COMESA, Gulf Cooperation Council, IFTA, MERC0SU, SADAK, OPEC, Nile Basin States, ASEAN, World Trade Organization, European Union, Africa and Arab Common Market.

Egypt’s exports to the U.S. stood at $284 million in Q1 2017, comparing to $280 million in Q1 2016. While imports from the U.S. fell by 15.2 percent.
Egyptian exports to Turkey raised by 54 percent in Q1 2017 while imports from Turkey by 45 percent in Q1 2016.

Exports to Italy, France, Spain, Lebanon and United Arab Emirates increased by 27 percent, 17 percent, 61.2 percent, 49 percent and 37 percent respectively.
The report pointed to a significant decline in Egyptian imports from the United States, China, Turkey, India, Russian, Ukraine and Britain in Q1 2017 compared to the same period last year.

Imports from China in Q1 2017 registered $1.74 billion comparing to $2.6 billion.
Also, imports from Russia, India and Germany decreased by 8 percent, 28 percent, 17 percent respectively.