Exports decrease by 27.4% year-on-year in February

Total exports decreased by 27.4% in February, registering $1.39bn (EGP 10.54bn), compared to $1.9bn in the same month last year, Ministry of Industry and Foreign Trade said in a report Monday.

Total exports for January decreased by 20.9% to $1.4bn, compared to the corresponding month in 2014, which gained $1.7bn in exports.

Egypt aims to generate $28bn in non-petroleum exports in 2015, through 13 sectors, including: medical industries; agriculture products; engineering and electronic products; food industry; ready-made clothes; chemical and fertiliser products; building materials; furniture; leather products; footwear; and handicrafts, according to the report.

The total value of exports for 2014 registered $22.11bn, allowing the government to achieve 88.4% of its goal of $25bn. The government surpassed its set targets for in the medical industry sector, agriculture sector and readymade garments sector.

In 2014, the trade sector signed cooperation agreements between Egypt, Russia and Belarus in trade, industry, investment, infrastructure, agriculture, petroleum, energy, environment, transport, exhibitions and customs.

Among the ministerial decisions taken in 2014 was the imposing of protection duties on imports of rebar by 3.7%, with a minimum of EGP 290 per tonne. The decision was valid for 200 days. As for the industrial sector, the ministry approved the draft law for giving priority for domestic products and requiring governmental entities to purchase them.

Regarding the ministry’s anticipations for the trade sector in 2015, they expect to start negotiations towards the signing of a free trade agreement between Egypt and the Eurasian Union.

Source: Daily News Egypt