Egypt-Spain bilateral trade increases 20.2 % in 2017

Bilateral Trade between Egypt and Spain has increased 20.2 percent during 2017, reaching €2.2 billion compared to €1.6 billion during same period of 2016, Trade Minister Tarek Kabil.

Minister of Trade, Tarek Kabil, attributed the rise of exports to Spain to the increased competitiveness and acceptance of Egyptian products in this huge market.

However, Egypt’s imports from Spain decreased 8.6 percent to €1.26 billion in 2017, down from €1.38 billion in the prior year.

This came in the context of the latest report received by the minister on the development of trade exchange between Egypt and Spain during 2017.

Egypt’s exports to Spain jumped 52.3 percent in 2017, recording €640.5 million (LE 13.9 billion), as compared to €420.5 million in 2016.

Kabil noted that trade deficit declined 76.5 percent as a result of the increase of the trade exchange to record €133.3 million in 2017, compared to €568.7 million during 2016.

Head of the Commercial Representation Authority, Ahmed Antar, attributed the increase of the Egyptian exports to Spain to the increase of iron and steel exports by 451 percent during 2017, marking €92.23 million, in addition to the rise of the organic chemical products’ exports by 439.7 percent to record €46 million.

Egypt’s exports of fertilizers, clothing, plastics, glass and aluminum to Spain also increased, Antar added.

Generally, Egypt’s non-oil exports rose 10 percent in 2017 to $22.42 billion, up from $20.41 billion in 2016.Generally, Egypt’s non-oil exports rose 10 percent.