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Saturday, 28 November 2020

Egypt's non-petroleum exports increase by 3%

Egypt's non-petroleum exports recorded a three percent increase during the first nine months of 2019, reaching $19.201 billion, up from $18.708 billion during the same period in 2018.

Doaa A.Moneim , Monday 28 Oct 2019
Egypt garment
In 2019, Egypt's garment exports increased by seven percent, recording $1.268 billion, up from $1.18 billion in 2018, and medical exports grew by three percent, recording $392 million (Photo: Reuters)
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According to Egypt's foreign trade indices report, released by Egypt's General Organisation for Export and Import Control on Monday, Egypt's imports have slightly decreased, recording $51.399 billion, down from $52.575 billion during the same period of 2018, with a decrease of $176 million.

The report said the exports' increase reflected positively on the trade balance deficit, which has increased by $669 million on 2018.

"The decrease in the trade balance deficit was the result of the trade ministry's efforts in supporting the manufacturing of domestic alternatives to imported products as part of the ministry's plan to boost local manufacturing and strengthen foreign trade," stated the report.

Four export sectors have achieved tangible growth in the first nine months of 2019, including the textile export sector that recorded $2.571 billion, up from $2.335 billion in 2018, rising by 10 percent, engineering industries exports that increased by nine percent, recording $1.873 billion up from $1.722 billion in 2018.

Moreover, garment exports increased by seven percent, recording $1.268 billion, up from $1.18 billion in 2018, and medical exports grew by three percent, recording $392 million.

Four import sectors witnessed a notable decrease, including leather imports which decreased by 28 percent, recording $56 million, down from $78 million in 2018, construction materials imports that decreased by 14 percent, recording $7.939 billion, down from $9.2019 billion in 2018.

Chemical imports fell by seven percent, recording $9.608 billion, down from $10.368 billion, while furniture imports decreased by seven percent, recording $1.235 billion, down from $1.329 billion in 2018.

According to the report, six countries are among the top Egyptian non-petroleum importers as they have received 37 percent of Egypt's total exports, including the US with $1.636 million, United Arab Emirates with $1.414 billion, Saudi Arabia with $1.295 billion, Turkey with $1.232 billion, Italy with $994 million, and the UK with $729 million.

Six countries are listed on top of exports to the Egyptian market: China, the US, Germany, Italy, Russia, and Turkey, in the same order.

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