CCC expects $8.5 bln fall in Egypt 2017 import bill

Cairo Chamber of Commerce is expecting a decrease in Egypt’s import bill ranging between $8 billion and $8.5 billion at the end of 2017, Board Member Emad Kenawy said Saturday.

The country’s non-petroleum imports dropped by 30 percent to record $15.931 billion during the period from January to April 2017, according to a statement by the state statistics agency CAPMAS.

Imports earlier stood at 22.742 billion during the period from January to April 2016.

Kenawy further told Amwal al Ghad that the depreciation of the Egyptian pound against the US dollar has contributed to the fall in the country’s import bill to nearly $7 billion, notably of the luxury goods.