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Egypt’s exports to EU up 16.5% in 1H 2017

Tuesday 05-09-2017 - 07:16 PM
News Agencies
Egypt’s exports to
Egypt’s exports to EU up 16.5% in 1H 2017 - File Photo
Cairo - Egyptian exports to European Union countries hiked 16.5 percent in the first half (H1) of 2017, recording $3.73 million, up from $2.63 million in H1 2016, according to official statistics. 

A report submitted by the Egyptian Commercial Service Office (ECS) in Brussels showed that Egyptian imports from the EU went down 29 percent in that period to $8.15 million from $11.5 million in the corresponding period last year, Minister of Industry and Foreign Trade Tarek Kabil said in a Monday statement. 

Kabil will head to Brussels to discuss methods of economic and trade cooperation between Egypt and EU countries, the statement added. 

Deficit in the trade balance between both parties declined from $8.8 billion in H1 2017 to $5.8 billion, decreasing 62 percent, head of the ECS Ahmed Antar said in the statement. 

Egypt’s trade balance deficit has decreased $10 billion in one year to reach $42.9 billion in 2016 after registering $52.9 billion in 2015 to record its worst level ever. 

Imports stood at $71.3 billion in 2015 while exports registered only $18.7 billion. They declined to $63.8 billion and exports rose to $20.3 billion in 2016, followed by a further drop in imports in 2017 to record $23.8 billion, while exports stood at $12.8 billion. 

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