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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. 
 
Discover out our latest videos about the economic news in Egypt:
 
 
 

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