UAE is the biggest importer of Egyptian jewellery and precious stones in 2017

United Arab Emirates was the biggest importer of Egyptian jewellery and precious stones between January and September 2017, according to a new industry report.

Egypt exported $1.19 billion to the UAE out of a total $1.62 billon in exports for the sector, the Export Council for Building, Refractory and Metallurgy Industries said in its monthly report on Sunday.

State-run news agency MENA published extracts from the report, stating that Egypt exported jewellery and precious stones to 79 countries since the start of 2017, including 23 countries for the first time.

Egypt’s new foreign markets in 2017 include Tunisia, Rwanda, Belgium, Ireland, Ethiopia, Iran, and Malaysia.

The report also stated that Switzerland came in second place after the UAE, with $229 million in exports, compared to $344 million in the same period in 2016, showing a decline of 34 percent.

Overall, however, exports rose by 186 percent during the same nine-month period, with $107 million in exports, compared to $37 million in the same period during 2016.

Exports to Lebanon dropped by 61 percent, from $207 million last year to $82 million in 2017.

Exports to the Southern African market dropped by a huge 95 percent, recording just $7 million in 2017, compared to $137 million in 2016.

The Saudi Arabian market came in sixth place, but also showed a decline of 82 percent, dropping to $4 million in 2017 from $20 million during the same period last year.

However, Germany showed a marked increase in 2017, with $2 million in exports, compared to $62,000 in 2016.

The Italian market increased its imports of Egyptian jewellery and precious stones from $17,000 in the first nine months of 2016 to $172,000 in the same period this year.

Egypt’s exports to Jordan also increased by 41 percent between 2016 and 2017, rising from $123,000 to $87,000. Source: Ahram online