Minister of Trade and Industry Tarek Kabil said that the trade balance deficit has decreased significantly, by 26%, during the first 11 months (11M) of 2017, versus 13% in 2016.
He added that the trade balance deficit has reached $12bn, explaining that $10bn decline in imports and $2bn increase in exports in the first 11 months of 2017.
The minister added that this assures the success of the ministry’s plan to ration imports and to give national industries the opportunity to replace imported products.
Meanwhile, “the total value of Egyptian exports during the first 11 months of 2017 reached $20.4bn, compared to $18.4bn during the same period of 2016,” Kabil added
Moreover, the minister added that imports to Egypt witnessed a significant decline during 2017, explaining that the total value of imports to Egypt during the first 11 months of 2017 reached $51bn, compared to $61bn during the same period of 2016.
Furthermore, the minister said that the total value of imports to Egypt in 2017 are expected to reach about $56bn, compared to $66bn in 2016, a drop of about 15%.
He added that Egyptian exports are expected to have reached $22.4bn by the end of 2017, an increase of about 10% compared to 2016, when the total value of Egyptian exports reached $20.4bn.
The minister said that the sectors that achieved an increase in their exports during 2017 included the chemical and fertiliser industries, ready made garments, engineering and electronics, furniture, textile, and food industry sectors.
On the other hand, he added that the sectors that witnessed a decrease in imports during 2017 were the garment, leather products, engineering and electronics, food, and furniture sectors.
Kabil assured that his ministry is currently implementing a strategy to develop Egyptian exports to foreign markets.
He added that this strategy aims at doubling Egyptian exports to foreign markets over the next three years, encouraging a shift towards high-value-added exports, expanding the export base to include small and medium enterprises (SMEs), and targeting markets with promising export opportunities.