EGYPT’S NON-OIL EXPORTS UP NINE PERCENT TO HIT 21 BILLION USD

CAIRO, Egypt, Egypt’s non-oil exports increased by nine percent to exceed 21 billion U.S. dollars in 2017, compared to 19.3 billion in 2016, an official report said.

According to the report of the General Organisation of Export and Import Control (GOEIC), Egypt’s exports of construction material got the lion’s share, as it reached about 5.1 billion dollars in 2017, marking a 3-percent rise. The exports of chemicals and fertilisers increased by 32 percent to hit 4.4 billion dollars in 2017.

It noted that the country’s exports of foodstuff reached 2.8 billion, engineering and electronic products 2.6 billion and agricultural crops 2.2 billion.

However, exports of medical products declined by about eight percent, furniture by 11 percent, handmade products 12 percent and leather products nine percent. None of them exceeded half a billion dollars in exports.

The country hopes to increase production and exportation, and to revive tourism as ways to boost its economy, side by side with a strict three-year economic reform plan, which started in late 2016, that is based on austerity measures, fuel and energy subsidy cuts and tax hikes.

Including full local currency floatation, Egypt’s reform plan has been encouraged 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