Egypt’s foreign trade falls 9.4%, reaching $79.231 bln in 2017

The volume of Egypt’s foreign trade fell by 9.4 percent, registering around $79.231 billion in 2017 from $86.718 billion in 2016, said Industry and Trade Minister Tarek Qabil on Friday.

“This is due to reducing the imports to about $10 billion during last year,” Qabil stated, further adding that Egyptian exports increased to $2 billion, while trade balance deficit dropped by around 25 percent.

The Egyptian minister referred that Egypt’s non-petroleum exports rose by 10 percent to $22.417 billion in 2017, compared with $20.409 billion a year earlier.

“Imports dropped by 14 percent, recording $66.309 billion in 2017, compared to $56.814 billion in 2016,” Qabil said.

Qabil reported that 8 productive sectors achieved the highest growth rate in exports last year, including chemical and fertilizers industries jumped by 32 percent to $4.441 billion and ready-made garments rose by 13 percent.

“Engineering industries sector increased by 10.6 percent to $2.571 billion, upholstery climbed by 4 percent to $519 million, textile surged by 6.5 percent to $833 million,” he said.

Food industries stood at $2.783 billion, making a 3 percent increase, building materials sector grew by 3.5 percent to $5.088 billion, and agriculture crops rose by 3 percent to $2.214 billion, Qabil noted.