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1.8% decrease in Egypt’s imports over 3-month period: customs - Daily News Egypt

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1.8% decrease in Egypt’s imports over 3-month period: customs

Imports of wheat, corn, cars, palm oil have decreased, but imports of some products like iron have increased significantly


Imports declined by 1.8% in the period from March to May, recording $5.750bn, compared to $5.856bn in the same period last year, the customs department reported to Minister of Finance Amr El-Garhy on Friday.

Economic indicators have showed no signs of change in the trade industry despite the decline in imports, due to the increasing US dollar price against the Egyptian pound, according to the customs department’s report. The report was delivered to the minister by the president of the customs department Magdy Abdel Aziz.

According to the report, there was a 17.9% decrease in wheat imports (from $737m to $605m); corn imports fell from $464m to $429m, a 7.5% decrease. Car imports decreased by 16.2%, from $573m to $493m; mobile phone imports decreased from $465m to $440m, a 5.3% decline.

Pharmaceuticals imports, however, rose slightly from $508m to $518m, a 1.9% increase. Iron products showed the highest increase in import rates by rising up to $1bn from $763m last year. Wood imports increased from $264m last year to $304m in 2016.

Frozen meat imports increased by 5% (from $238m to $250m); animal fodder increased by 65%, from $149m to $246m; and crude ethylene imports rose from $193m to $194m. Palm oil decreased slightly from $216m to $207m.

While there were no imports of car tyres last year, $160m were spent on importing tyres this year. Meanwhile, $148m were spent on spare car parts from March to May 2016, compared to $229m in the same period last year.

 

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https://dailyfeed.dailynewsegypt.com/2016/07/09/1-8-decrease-egypts-imports-3-month-period-customs/
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