Egypt’s exports to U.S. hike 105.5% in 2017

CAIRO – 20 June 2018: Egypt’s exports to the United States increased 105.5 percent in 2017, reaching LE 23.6 billion in 2017, compared to LE 11.5 billion in 2016, according to the Central Agency for Public Mobilization and Statistics (CAPMAS).

The report clarified that the exports to U.S. represented 5.1% of Egypt’s exports to the world.

Exports of readymade garments came at the top of the exports list to U.S. with 51 percent, recording LE 12 billion during last year, according to the report.

CAPMAS also said that Egypt’s imports from the United States rose 81.4 percent, reaching LE 69.1 billion in 2017, compared to LE 38.1 billion in 2016.

The imports from U.S. represented 5.9 percent of Egypt’s imports from the world, the report said.

Imports of boilers, machinery, devices, mechanical tools and its parts came in the first rank with 12.9 percent of the total imports from USA, reaching LE 8.9 billion in 2017, compared to LE 5.6 billion in 2016, with an increase of 58.3 percent.

US investments in Egypt hiked 195.7 percent in 2017 to LE 79.9 million, compared to LE 27.02 million in 2016.

Head of the General Organization for Export and Import Control Ismail Gaber said earlier that Egypt’s non-petroleum exports recorded $10.7 billion during the first five months of 2018.

Gaber added that exports in May reached $2.07 billion, in which $1.58 billion went for non-oil and non-manufacturing exports and $489 million for food exports.

The Central Agency for Public Mobilization and Statistics (CAPMAS) announced in May that Egypt’s exports in the first two months of 2018 recorded $4.5 billion, compared to $4 billion in the same period of 2017.

In 2017, Egypt's non-oil exports rose 10 percent to $22.42 billion, up from $20.41 billion in 2016.

Egypt’s exports revived after the flotation of the Egyptian currency by losing about 50 percent of its value, making the Egyptian exports attractive to foreign markets.

Former Minister of Industry and Foreign Trade Tarek Kabil said that Egypt’s non-petroleum exports rose 16 percent during the first four months of 2018, recording $8.64 billion, compared to $7.43 billion during the same period of 2017.

Kabil stressed that the positive indicators of the Egyptian foreign trade reflect the success of the 2020 strategy.

The 2020 strategy was launched in November 2016 by Kabil. It includes five main axes: industrial development, small and medium enterprises (SMEs) development and entrepreneurship, export development, training and technical education development, and corporate governance and development.

The strategy aims at increasing exports in the first place after strengthening the local industry.

The ministry seeks during the current period to enter new markets, expand in traditional markets and make full use of trade agreements signed with a large number of countries and economic blocs around the world to boost Egyptian exports to foreign markets.