Container ship Edith Maersk crosses the Suez Canal at East Port Said Port(Photo: Reuters)
Egypt’s exports rose significantly, by roughly 13 percent, in the first nine months of 2013, recording LE112.3 billion ($16.3 billion) compared to LE99.8 billion ($14.5 billion) in the same period last year, according to the latest report of the state’s General Organisation For Export & Import Control (GOEIC).
Despite the big increase, exports in September 2013 diminished by four percent, reaching LE12 billion ($1.7 billion) against LE12.5 billion ($1.8 billion) in the same month of 2012.
The Egyptian government's target is LE145 billion ($21 billion) net worth of total exports for 2013, 77 percent of which has already been achieved in the three quarters ending this September.
The country’s total exports in 2012 stood at LE132.7 billion ($19.2 billion).
Plastics, fertilisers, steel products and trinkets are among the top ten sectors that have seen the biggest chunk of exports, according to the report.
Exports to other Arab nations represented around 42 percent of total exports during the period between January and September 2013, registering some LE47 billion ($6.8 billion), while exports to European Union countries recorded LE30 billion ($4.3 billion) in the same period.
Egyptian imports registered around LE33 billion ($4.8 billion) in the first eight months of 2013, 46 percent lower than imports in the same period last year.
Egypt's current account deficit for fiscal year 2012/2013 decreased by 45 percent to $5.6 billion against 11.3 billion a year earlier, said a statement by the Central Bank of Egypt in September.
The bank attributed the improvement to a drop in trade deficit by 7.6 percent to $31.5 billion, as exports increased alongside a higher rate of import decrease.
Egyptian exports increased by 3.6 percent year to year, registering at $26 billion, while imports declined by less than 3 percent to $57.5 billion.