Egypt’s non-oil exports hit $17.06B in 8 months

CAIRO – 25 September 2019: Egypt's non-oil exports jumped 3 percent during the first eight months of 2019 to record $ 17.065 billion, compared to $ 16.612 billion during the same period of 2018, Ministry of Trade and Industry revealed Wednesday.

The ministry clarified in a report that the increase of exports reflected positively on declining trade deficit by $80 million during the eight months compared to the same period of the prior year.

According to the report, the drop came as a result of the ministry’s efforts to support local products within its framework to deepen local industry and promote foreign trade.

Head of the General Organization for Export and Import Control (GOEIC) Ismail Gaber stated that three export sectors recorded an observed growth during the eight months, including Food sector which rose by 7.5 percent, to $2.03 billion, compared to $1.88 billion during the same period of 2018.

Gaber added that the agriculture sector's exports climbed 8 percent, reaching $1.76 billion, compared to $1.63 billion in the same period of 2018. Also, exports of ready-made garments increased to $1.1 billion, up from $1.04 million during the compared period of 2018, according to Gaber.

The head of GOEIC stated that six export councils recorded a decline in their imports, including the furniture sector whose imports declined 61 percent, reaching $345 million, compared to $883 million in the same period of last year.

Furthermore, imports of books and artistic works reached about $19 million, compared to $25 million in the eight months of 2018, with a decline of 24 percent, and imports of building materials recorded a decline of 11 percent to $6.017 billion, compared to about $6.799 billion during the same period last year.

Gaber added that the imports of the chemical products sector decreased 4 percent to $5.48 billion, down from $5.7 billion, while imports of the leather products sector lessened 3 percent to register $114 million, compared to about $118 million.

“Imports of food products sector achieved a decrease of 1 percent, recording $3.73 billion, compared to $3.75 billion during the same period last year 2018,” he stated.

There are five countries whose markets accounted for 34 percent of the total Egyptian exports, including the United States with a value of $1.46 billion, the UAE with $1.26 billion, Saudi Arabia with $1.156 billion, Turkey with $1.09 billion and Italy with a value of $896 million, according to Gaber.

On the most important countries exporting to the Egyptian market during the past 8 months, Gaber referred that among the five countries that accounted for 41.5 percent of the total Egyptian imports are China with $7.196 billion, followed by the United States with $3.039 billion, and Germany with $2.45 billion.

He further clarified that Egypt's imports from Italy recorded $2.267 billion and that Russia came last with a value of $1.889 billion.

GOEIC stated earlier that Egypt's non-oil exports rose by around $75 million, recording $1.964 billion during August 2019, compared to $1.619 billion during the same month of 2018.