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Egypt sees 2% non-oil export increase, 24% import decrease in 1Q 2020 - Daily News Egypt

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Egypt sees 2% non-oil export increase, 24% import decrease in 1Q 2020

Trade deficit decreases by 39%


Egyptian non-oil exports achieved a 2% increase in the first quarter (1Q) of 2020, coming to $6.728bn. The latest figures reflect an increase of $148m on the $6.580bn reported during the same period in 2019.

Meanwhile, non-oil imports witnessed a 24% decline, registering $13.814bn in 1Q 2020, compared to $18.233bn during the same period last year, a decrease of $4.419bn, Gamea said.

She noted that these indicators contributed to a 39% (or $4.566bn) decrease in Egypt’s trade deficit over the same period last year.

Gamea noted that her ministry’s recent decision to halt the export of some goods, particularly medical and food products, has contributed to an increased supply of these products in the local market. As a result, there has now been a commensurate decrease in these products’ import rates.

Ismail Gaber, Head of General Organization for Export and Import Control (GOEIC), said main products exported in 1Q 2020 were building materials by $1.527bn, chemicals and fertilisers by $1.252bn, food commodities by $881m, agricultural crops by $821m, and engineering and electronic products by $548m.

Gaber added that imports in five sectors decreased during 1Q 2020, most notably the building materials by 34%, recording $1.879bn, compare to $2.844bn in the same period last year.

Furniture imports also recorded a decrease of 35%, recording $239m, compared to $369m in the comparison period. Moreover, imports of medical supplies decreased by 33% to $639m, compared to $951m.

Gaber continued that chemical and fertiliser imports recorded a 32% decrease, reaching $1.984bn in 1Q 2020, compared to $2.904bn in the same period in 2019. Imports of ready-made clothes recorded a 29% decrease to $103m, compared to $145m in the comparison period.

 

Topics: Export non-oil

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https://dailyfeed.dailynewsegypt.com/2020/04/16/egypt-sees-2-non-oil-export-increase-24-import-decrease-in-1q-2020/
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