ICEC

Egyptian exports to UK hit $935mn in 2015; says official

Egyptian exports to the British market recorded US$935.5 million in 2015 versus US$1 billion in 2014, Representative of Trade Agreement Sector (TAS) at trade ministry, Amany Nassar stated Wednesday.

Meanwhile, the British imports to Egypt hit around US$1.3 billion opposed to US$1.6 billion a year earlier.

The official made these remarks during the forum held by Building Materials Chamber at Federation Of Egyptian Industries (FEI).

During her speech on behalf of TAS Chairman Saied Abdallah, the official added that UK came in the fifth place among importing states of Egyptian products and 18th among states exporting to Egypt.

The official clarified that UK do not impose any restrictions on Egyptian exports of agricultural and chemical products unlike Greece and Cyprus.

She noted that Egypt’s exports to UK in 2014 were diversified since they encompassed; oil products (28 percent), building materials (10 percent), chemicals (15 percent), in addition to agricultural crops.

On other side, oil and raw materials represented 75 percent of British imports to Egypt, while machines and equipments seized 33 percent of the total imports, and building material represented 14 percent of UK imports to Egypt.

Nassar pointed out that UK leaving the EU would affect trade relations with Egypt on two sides; the short-term side is represented in the drop of Euro and Australian pound prices, thus lowering the value of Egypt’s exports to those states.

Moreover, the long-term side would depend on the nature of relations that would be agreed upon between UK and EU as well as the Egyptian-British relations.

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