File photo: Minister of Industry and foreign trade Tarek Kabil (Photo: Courtesy of Ministry of Industry and Foreign Trade official Facebook page)
Egypt's exports have increased by $1 billion and its imports decreased by $7 billion between January and September 2016, a statement by Egypt's trade and industry minister Tarek Kabil said on Sunday.
The dollar shortage has driven the Central Bank of Egypt (CBE) to tighten measures on imports.
In an attempt to boost domestic products against foreign competition, the CBE since last January required importers to provide 100 percent cash deposits at banks on their letters of credit, up from 50 percent.
Imports of medicines, input materials for pharmaceuticals and babies' milk were excluded from the decision.
CBE Governor Tarek Amer said earlier this year that the government is aiming to reduce imports by $20 billion in 2016, down from $80 billion in 2015.
*The official exchange rate for $1 = EGP 8.78