(AFP Photo)
Egypt ranked 58th on the list of countries that export to the United States in 2013, a report from state-run Egypt Information Portal (EIP) said.
The balance of trade deficit between the two countries has decreased in 2012 to record $3.2bn compared to $4.4bn in 2008. The value of Egyptian exports to the US registered $2bn and imports marked $5.2bn.
The 2013 balance of trade deficit figures have not yet been announced.
According to the EIP report, petroleum products are Egypt’s most exported items to the US. In 2012, the value of exports reached $649m, marking a significant increase compared to $99.5m in 2011.
Egypt is the eighth top exporter of nitrogen fertilisers to the US, the country’s second most exported item.
The value of Egyptian exports to the US from January to November 2013 registered EGP 7.7bn, down from EGP 8.8bn in the corresponding period the previous year, a report from the Ministry of Industry and Foreign Trade said in December.
One fifth of Egypt’s imports are from the US, according to State Information Service.
Egyptian non-petroleum exports increased by 11% in 2013 to register EGP 147bn, up from EGP 132.7bn in 2012. The Ministry of Industry is aiming to increase the value of exports to EGP 160bn by the end of 2014.
Minister of Industry Mounir Fakhry Abdel Nour will visit the US on 11 February, where he plans to meet the head of the United States Trade Representative (USTR) to discuss obstacles involving US purchases of Egyptian merchandise.
The Egyptian side of the Egyptian-American Business Council was restructured in September following a decision by Abdel Nour “to meet the needs of the current stage and economic plans”.
Following the ouster of former President Mohamed Morsi in July, the Obama administration began to review the impact the ouster could have on the legality of the $1.5bn in annual aid. US assistance to Egypt includes $1.3bn in military aid and $250m in economic aid.
