Trade exchange between Egypt, Morocco reaches $550M in 2017



Tue, 30 Oct 2018 - 10:58 GMT


Tue, 30 Oct 2018 - 10:58 GMT

Imports ship - Pixabay

Imports ship - Pixabay

CAIRO – 30 October 2018: Trade Exchange between Egypt and Morocco recorded $550 million during 2017, according to Chairman of the Commercial Representation Authority Ahmed Antar.

Antar clarified that Egypt’s exports to Morocco hit $392 million the previous year while the imports reached $113 million.

Egypt's exports to Morocco products and goods of engineering, electronics, food and building materials, as well as iron and steel, chemical and plastic products, Antar noted.

Meanwhile, Morocco exports to Egypt cars worth $87 million, and food commodities worth $17.6 million.

On Oct. 30, the Egyptian-Moroccan Businessmen Association, and the Foundation of the Sons of Morocco for Development in Egypt launched the Egyptian-Moroccan Business Forum, aiming to establish a true partnership between the private sectors of both countries.

Generally, Egypt's non-oil exports rose 10 percent in 2017 to $22.42 billion, up from $20.41 billion in 2016.

Egyptian goods became attractive to foreign markets after the flotation of the state’s currency in November 2016, losing 50 percent of its value, which is reflected on the increased exports.

In 2004, Egypt signed Agadir Agreement which is a free trade agreement between four Arab countries: Egypt, Jordan, Morocco and Tunisia. The agreement which came into force in 2007 helped enhance the trade exchange between the four countries.

Trade volume between both countries during the past years recorded a progress which was reflected on the figures, reaching a trade of $680 million in 2016 compared to $475 million in 2013.



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