Egypt’s Exports to US Drop 37.6% While Imports Rise 7.6%

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Egypt’s exports to the United States dropped 37.6 percent in 2013 compared to the previous year while imports increased 7.6 percent during the same period, reported state-owned statistics agency CAPMAS on Tuesday.

In a report entitled “Economic relations between Egypt and the United States in 2013”, the statistics agency showed that Egypt’s exports to the US totaled LE8.1 billion ($1.1 billion) while imports reached LE35.8 billion ($5 billion) in 2013.

Egypt’s total exports to the world amount to LE197.7 billion ($27.6 billion) in 2013, depicting a 5.9 percent decline from 2012, while total imports reached LE457.8 billion ($64 billion) to represent growth of 3.6 percent.

Almost 62 percent of Egyptian exports to the US in 2013 were ready made clothes and furniture, a considerable rise compared to 38 percent a year earlier.

The report also showed that Egypt stopped exporting crude oil and liquid natural gas (LNG) to the US in 2013, compared to 30 percent of total exports in 2012.

Imports arriving from the US to Egypt were mostly electronics, tobacco and animal and vegetable derived products.

The US is Egypt’s largest trading partner and a major source of foreign direct investments (FDI) to the country.

In May, US Chargé d’Affaires to Egypt Marc Sievers told Ahram Online that since 1975, the US has contributed about $70 billion in economic and military assistance to Egypt.

Over the last two years, USAID’s work in the private sector and entrepreneurship has resulted in new jobs or better jobs for over 40,000 people and short-terms jobs for another 20,000, added Sievers.