The value of Egyptian non-petroleum exports between January and November 2015 totalled $16.76bn, recording a 17.3% decline compared to $20.27bn in the corresponding period of 2015.
In November, Egyptian exports were valued at $1.375bn compared $1.67bn during the same month in 2014.
Minister of Industry and Foreign Trade Tarek Qabil said the decline of exports “does not mean futility in the actions and decision made by the government during the past two months”. He said these steps will gradually reflect on the market.
The decisions Qabil was referring to included the Central Bank of Egypt’s (CBE) decision to pump $4bn in the industry market as a means to facilitate cash flows and bank credits needed to make industrial raw materials available for production. Factories were also provided with energy resources needed to continue their production.
The minister expected the upcoming year to be a beginning of “breakthrough” for exports’ rates.
Agricultural and leather goods’ exports witnessed a surge in November to $135m and $18m respectively. However, exports of chemicals and fertilisers dropped to $247m, as well as exports of handmade goods, which declined to $95m.
Readymade garments dropped from $107m in November 2014 to $94m during the same month in 2015.