Minister of Trade and Industry Tarek Kabil revealed, in a press statement on Tuesday, that Egyptian exports to the Spanish market increased by 52.3% in 2017, to reach €640.5m compared to €420.5m in 2016.
Kabil added that the Egyptian imports from the Spanish market have declined, dropping from €1.38bn in 2016 to €1.26bn last year, a decline of 8.6%.
The figures are according to the latest report received by the minister on the development of trade exchange movement between Egypt and Spain in 2017.
Furthermore, the minister pointed out that the total value of trade between the two countries witnessed a significant increase, reaching €2.39bn during 2017, up from €2.20bn in 2016, an increase of 8.4%.
He explained that this growth in the trade volume between the two countries contributed to reducing the trade deficit by 76.5%, recording €133.3m in 2017 compared to €568.7m in 2016.
For his part, Ahmed Antar, head of the Egyptian Commercial Service (ECS), said that the increase in Egyptian exports to the Spanish market last year was due to the large increase in Egyptian exports of iron and steel, which rose by 451% to reach €92.23m.
Also contributing to the rise was the increase of Egyptian exports of organic chemical products by 439.7%, recording €46m, as well as the rise in Egyptian exports of fertilisers, clothing, plastics, glass, and aluminium.
Egypt is keen to promote and develop trade and economic relations with Spain and to reach a better outlook during the next stage, as the minister earlier announced in a press statement that Spain’s investments are witnessing great development, explaining that until last May, they reached $947m through a total of 193 projects.
