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Sami Bouzid
Wednesday 28 February 2018 Last update on Wednesday, February 28, 2018 At 10:20 AM

Egypt’s trade deficit dropped to 15,7% in the first half of the 2017/2018 fiscal year. It reaches $ 18,3 billion according to Planning Minister Hala al-Saeed said.

The chemicals products registered an important increase in exports
Egyptian Planning Minister said Saturday during a press conference that trade deficit declined from $21,7 billion to $18,3 billion in the first half of 2017/2018. During this period, imports declined by 7.3% to $ 29.4 billion, while exports increased from 11% to $ 11.2 billion.
Indeed, in late 2016 Egypt floated its currency. The pound lost a half of its value and made Egyptian goods attractive.
This is a part of the explanation in exports increase. The country saw an important rise of textiles, engineering goods, chemicals, fertilizers and ready-made garments exports. In total non-petroleum exports grew by 11% said the Planning Minister. 
Additionally, imports declined from $58,04 billion in 2016 to $ 53, 88 billion. A drop of $4,1 billion according to the state statistics agency CAMPAS. 
The decrease is partly due to a drop in Egypt’s imports of non-petroleum products amounted to $49,6 billion in the first 10 months of 2017. A decrease of $5,2 billion compared to the last year bill estimated around $54,8 billion. A good result, even if the country’s imports of petroleum products reached $4,34 billion versus $3,21 billion in 2016. 
The currency flotation seems to have produced positive effects that are noticeable through the fall in the trade deficit. 
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