The Ministry of Industry and Trade said on Thursday that the trade deficit has dropped 46% on an annual basis during the first half (H1) of 2017 to reach $13bn, with a growth of exports and a decline in imports.
The ministry said in a press release that exports exceeded 8% in six months until the end of June to $11.130bn, whereas imports declined 30% to $24bn.
Minister of Industry and Trade Tarek Kabil attributed the improvement in the Egyptian foreign trade to the procedures made by the ministry to limit importing low-quality products and achieving the target from the plan to develop exports as well as rationalising imports and limiting the consumption of hard currency.
The minister also pointed out that the elements that contributed to a decline in the trade deficit included an increased reliance on the local industry through replacing imported products with local ones.
Egypt has been working since last year on decreasing its imports through restricting the importing of non-essential goods and increasing customs on a large number of goods in general.
The government of Prime Minister Sherif Ismail has been keen on implementing a series of reforms with the aim of reviving the country’s economy.
