Trade deficit falls 48 percent in early 2017

CAIRO- 30 May 2017: Egypt’s trade deficit declined by 48 percent in the first four months of 2017, standing at $8.5 billion, less than $16.2 billion in the same period last year, Minister of Industry Tarek Kabil said Monday.

The decline is attributed to a 14 percent hike in exports in that period, standing at $7.43 billion, up from $6.54 billion in the same period in 2016, Kabil added.
Meanwhile, imports from Egypt declined 30 percent, to record $15.9 billion, less than $22.7 billion registered in the corresponding period last year.

“The reduction in imports came as a result of increasing dependency on locally-produced items and trimming reliance on imports,” Kabil said.

In terms of the top export sectors, the building materials export recorded $1.87 billion, followed by agricultural crops at $921 million, ready-made clothes at $432 million, food industries at $940 million and chemical products at $341 million.

Export and import transactions from January to the end of April were recorded with the United States, where exports were $381 million and imports were $ 1 billion. While exports to Turkey stood at $395 million, imports were $624 million.

Exports to Italy in that period were $505 million and imports registered $978 million. Meanwhile, exports to France were $166 million and imports were $558 million.

On the Arab level, Egyptian exports to Lebanon recorded $235 million, 50 percent more than the same period last year. Also, exports to the United Arab Emirates jumped by 30 percent, standing at $850 million.