Trade ministry designs a strategy to hike Egyptian exports in 5 years

Egyptian trade ministry is currently designing a strategy to double the volume of state’s exports during the coming five years in cooperation with different exporting sectors, Minister Tarek Qabil said Sunday.

The minister said that exporting is an important source for Egypt to get foreign currencies, accordingly, boosting exporting rates requires upgrading the competitiveness of the Egyptian products inside local and foreign markets.

Qabil made these remarks during his meeting with heads of exporting councils in which he reviewed councils’ plans and future visions for the upcoming period.

The deficit in Egypt’s trade balance has been reduced by US$8 billion as state’s exports witnessed an increase during the first ten months of 2016 versus a considerable decline in imports volume, the minister added.

He noted that the ministry exerts efforts to remove all obstacles facing the flow of Egyptian exports in different foreign markets, asserting that Africa is one of the markets to which Egypt plans to boost its exports.

In January-September 2016, Egyptian exports hiked by US$1 billion compared to the same period of 2015, Qabil said, clarifying that building materials, chemicals, fertilizers, food industries, and furniture sectors topped the list of Egypt’s largest exporting sectors.

On other side, Egypt’s total imports dropped sharply during the first nine months of 2016, registering a US$7 billion decrease, the minister said.