Egypt-US trade exchange nearly falls by 25% during Q1
The volume of trade exchange between Egypt and the US hits $1.415 billion during first quarter of 2020, against $1.8723 billion a year earlier decreasing by 24.4 percent on the back of coronavirus pandemic, according to the Central Agency for Public Mobilization and Statistics (CAPMAS).
US captured 5.9 percent of the total value of Egyptian foreign trade in Q1, while the trade balance between the two countries was in US favor by about $645.655 million
Coronavirus pandemic crisis has resulted in cancelling more than 80 percent of the export contracts that were concluded between Egyptian and US companies, especially within the ready made garments sector, according to the data of the Export Council for Ready-made Clothes,
In addition The supply of production requirements that were imported by Egyptian companies to complete their manufacturing products have seen a sharp dive due to slow down of the global trade movement during that period.
US acquired 5 percent of the value of Egyptian exports during last January, as the value of its imports from Egypt amounted to about $384.66 million, compared to $469.467 million during the same period oin 2019, declining 18.1 percent.
While, it captured 6.4 percent of the value of Egyptian imports during Q1, as the value of its exports to Egypt reached about $ 1.03 billion , compared to $1.403 billion a year earlier, with a decline of 28.5 percent.
