Trade exchange rates jump 16.8% in 1st 10 months of 2018

CAIRO – 26 November 2018: Trade exchange rates hiked 16.8 percent during the first 10 months of 2018, recording $78.41 billion, compared to $67.09 billion during the same months of 2017, with an increase of $11.31 billion, according to Ministry of Trade and Industry.

In a statement about non-petroleum foreign trade during January-to-October period, the ministry clarified Nov. 26 that Egypt’s exports rose 11 percent to $20.64 billion, compared to $18.55 billion during the same period of 2017.

Egypt’s imports during the 10 months of the current year hit $57.76 billion, compared to $48.54 billion during the compared period of 2017, with an increase of 19 percent or $9.22 billion.

As per geographical distribution of non-petroleum foreign trade, the ministry noted that trade exchange between Egypt and the United States of America abounded 35 percent to $5.75 billion during the first 10 months of 2018, compared to $4.25 billion during the same period of 2017.

Trade exchange with African countries reached $2.12 billion during January-October 2018 period, compared to $1.75 billion during the same period of 2017, with an increase of 21 percent, the statement read.

It added that trade exchange with Arab countries marked an increase of 13 percent, up to $11.51 billion, compared to $10.18 billion during the same period of 2017, adding $1.33 billion.

Regarding trade exchange between Egypt and the European Union, it inched up 8.6 percent, reaching $23.53 billion, compared to $21.66 billion during the same period of 2017.
Head of the General Organization for Export and Import Control Ismail Gaber said that five export sectors marked a significant growth during the first 10 months of 2018, stating that books sector hiked 39.9 percent to $12 million, chemical and fertilizers sector rose 24.4 percent to $4.51 billion, medical industries sector jumped 14.9 percent to $434 million, textile sector increased 10.6 percent to $749 million, and readymade clothes went up 8.3 percent to $1.31 billion.

Gaber added that imports of the following sectors increased during the first ten months of 2018, where imports of furnishings sector rose 63.6 percent to $114 million, leather goods sector hiked 36.8 percent to $175 million, readymade clothes sector increased by 40.7 percent up to $490 million, handcrafts sector went up by 36 percent to $299 million, and building materials sector jumped by 31.4 percent to $9.65 billion.

The biggest markets receiving the Egyptian exports during the January-October period included UAE by $1.7 billion, Turkey by $1.63 billion, USA by $1.29 billion, Italy by $1.33 billion, Saudi Arabia by $1.18 billion, UK by $860 million, Spain by $784 million, Algeria by $730 million and France by $606 million, Gaber stated.

Gaber referred to countries Egypt imported from during the first 10 months of 2018, which included China by $9.40 billion, USA by $4.45 billion, Russia by $3.82 billion, Germany by $3.41 billion, Brazil by $2.48 billion, Turkey by $2.27 billion,Ukraine by $1.96 billion, India by $1.86 billion, and Saudi Arabia by $1.67 billion.