Egypt's exports totalled $5.1 billion in the second quarter of the fiscal year 2016/17, an increase on the $4.3 billion recorded during the same period of 2015/16, according to a Central Bank of Egypt (CBE) report published on Sunday.
The CBE report revealed significant increases in leading sectors, with petroleum and oil products recording exports of $1.4 billion during the second quarter of 2016/17. Meanwhile, finished products saw $2.5 billion in exports and semi-finished products recorded $882.4 million during Q2.
According to the report, Egyptian exports to the US during the Q2 of 2016/17 totalled $356.6 million, with $1.7billion to Arab nations, $155.4 million to non-Arab Africa, $1.5 billion to the European Union, $454.7 million to non-EU European nations, $385 million to non-Arab Asia, and $483.3 million to other regions.
The only recorded decrease in Egyptian exports was to Russia and the Commonwealth of Independent States, dropping from $52 million in Q2 of 2015/16 to $22.6 million in Q2 of 2016/17.
Last March, Egypt’s trade and industry ministry revealed a strategy to almost double the nation's exports by the year 2020, from the current $19 billion to $34 billion.
The strategy will include implementing new export plans and policies, as well as targeting new markets for cement, agricultural products, ready-made clothes, construction materials, chemical products, and engineering and electronic goods.
In November 2016, the CBE floated the pound against the dollar in an attempt to rescue the country’s flagging economy. The move caused the pound to drop to an average exchange rate of EGP 18 to the dollar, compared to EGP 8.88 prior to the flotation.