(AFP PHOTO)
Egyptian exports registered $1.633bn in September compared to $1.9bn in August, representing a 14% decrease, said the Ministry of Industry and Foreign Trade’s latest report.
However, the total value of 2014 exports marked $16.8bn at the end of September, recording a 2.2% increase compared to $16.4bn during the corresponding period last year. The figure is under ministry expectations for the first nine months of the year, which were targeted for $18.6bn.
Arab League countries were the top exporting destinations until the end of September, registering approximately $5bn in exports, followed by the EU where exports mark $3.4bn.
The targeted value of exports in 2014 is $25bn, compared to $21.5bn in the previous year according to the ministry’s report.
Minister of Industry and Foreign Trade Mounir Fakhry Abdel Nour told Daily News Egypt in September that the government is working to reduce the balance of trade deficit. Abdel Nour said this would be through increasing exports and decreasing imports to fill the gap.
Speaking about the procedures the government has taken, Abdel Nour said the law granting preferential treatment to local products will have significantly reduce imports and balance the trade balance.
Egyptian exports have managed to increase despite the high energy prices that resulted in high production costs and the closure of many potential markets including in Syria, Libya, Iraq and Sudan, Abdel Nour said.
Egypt’s exports include furniture, leather, agricultural products, engineering and electrical products, foods, readymade garments, and handicrafts, according to the report.
