Egypt’s iron exports decrease 7% in January

CAIRO – 19 March 2018: Egypt’s total iron exports decreased 7 percent in January 2018 to reach $50 million, compared to $54 million in January 2017, according to a recent report from the Export Council for Building Materials (ECBM).

While in December 2017, Exports rose 23 percent, reaching $2.47 billion in December 2017, compared to $2.01 billion in the same month of the previous year.

The report said that Egypt’s iron exports to Turkey surged 230 percent in the first months of 2018, recording $3.6 million, compared to $1.1 billion in the same month of 2017.

Minister of Industry and Foreign Trade Tarek Kabil said earlier this month that Egypt’s exports to Turkey increased 38.5 percent in 2017, recording $1.998 billion, compared to $1.443 billion in 2016.

Iron exports to Italy, Spain, Syria, Lebanon, Uganda and India declined by 11 percent, 31 percent, 54 percent, 58 percent and 59 percent, respectively, according to the report.

While iron exports to Jordon rose 93 percent to $5.1 million, against $2.6 million during the mentioned period.

The report also stated the iron exports to Sudan went up 17 percent to $4.8 million during the mentioned period, compared to $4 million in the same period of 2017.

Iron exports to Saudi Arabia increased 120 percent, recording $2.7 million, and the exports for U.S. witnessed an increase of 17 percent, up to $4.8 million.

Chairman of the Export Council for Building Materials (ECBM) Waleed Gamal El-Din said that Egypt’s building materials exports continue to increase, which means that Egypt is becoming a regional hub for the construction sector.

Generally, Trade Minister Kabil said in February that trade deficit shrank by 35 percent over the past two years to stand at $20 billion, down from the $53 billion in 2015.

In the first half of fiscal year 2017/18, the trade deficit declined 15.7 percent year-on-year, dropping from $21.7 billion to $18.3 billion, according to Planning Minister Hala al-Saeed.