Egypt’s non-oil imports decrease 24% in 4 months
Egypt’s non-oil imports slumped by 24 percent during January – April 2020, with their value falling to $18.8 billion, compared to $24.6 billion during the same period in 2019, Minister of Trade and Industry Nevin Gamea said.
Egypt’s foreign trade was affected by the the outbreak of coronavirus pandemic, however production rates in several factories continued to increase due to initiatives launched by the government in the industrial sector.
Egyptian exports also witnessed a slight decline during the first four months of 2020 by 2 percent as a result of directing a large part of the factories’ productivity to meet the needs of the local market as an alternative to the imported products
Gamea noted that exports decreased by two percent from January to April 2020 compared to the same period in 2019 because the government directed a large amount of factory production to meet the needs of the local market.
The decreasing rates of exports and imports led to a reduction in the trade balance deficit of Egypt by 35 percent from January to April 2020, which fell to $5.75 billion.
Most exports came from the building materials, chemicals, fertilizers, food industries, and agricultural sectors, according to the Head of Egypt’s Export and Import Control Authority, Ismail Gaber.
The largest decrease in imports, meanwhile, came from the engineering, fashion, textiles and leather goods industries.