EGYPT’S FOREIGN TRADE HITS 42.8 BILLION USD IN OF FY 2017/18

CAIRO, Egypt- Egypt’s volume of trade exchange rose to about 42.8 billion U.S. dollars, in the first half of the 2017-18 fiscal year, compared with 39.9 billion dollars in the same period a year before, the Central Bank of Egypt (CBE), said, in a monthly report released Sunday.

Egypt’s fiscal year starts in early July and ends in late Jun.

“In the first half of the 2017-18 fiscal year, Egypt’s imports reached 30.8 billion dollars compared with 29.4 billion dollars in the same period of the previous year,” said the CBE report. Meanwhile, the country’s exports rose to 12 billion dollars from 10.4 billion dollars in the same period, a year earlier.

The United Arab Emirates is the biggest trade partner of Egypt in the six months, followed by China, the United States, Saudi Arabia and Italy. Egypt has been suffering economic difficulties over the past few years, due to political instability and relevant security issues.

In the late 2016, Egypt started a strict, austerity-based three-year economic reform programme, including local currency flotation, as well as, fuel and energy subsidy cuts and tax hikes, to contain a budget deficit, promote local production and boost foreign investment.

Egypt’s reform plan is supported by a 12-billion-dollar loan from the International Monetary Fund, half of which has already been delivered to the most populous Arab country.

Source: NAM NEWS NETWORK