11%, 19% an­nual in­crease in non-oil Egyp­tian ex­ports, im­ports, re­spec­tively in 10M18

The Daily News Egypt - - News - By Ne­hal Samir

Non-oil Egyp­tian ex­ports in­creased by 11% year-over-year (y-o-y) dur­ing the pe­riod from Jan­uary to Oc­to­ber 2018, record­ing $20.642bn ,com­pared to $18.551bn dur­ing the same pe­riod last year, an in­crease of $2.91bn, ac­cord­ing to the lat­est re­port re­ceived by Min­is­ter of Trade and In­dus­try, Amr Nas­sar ,from the Gen­eral Or­ga­ni­za­tion For Ex­port and Im­port Con­trol.

For his part, Chair­per­son of the Gen­eral Or­gan­i­sa­tion for Ex­port and Im­port Con­trol, Is­mail Jaber, said that five ex­port sec­tors achieved sig­nif­i­cant growth dur­ing the first 10M18 in­clud­ing, books and binders sec­tor, chem­i­cals and fer­tilis­ers sec­tor, med­i­cal in­dus­tries sec­tor, tex­tile sec­tor, and the ready-made gar­ments sec­tor.

He said that the largest mar­kets re­ceiv­ing Egyp­tian ex­ports dur­ing the 10M18 were in the United Arab Emi­rates, Turkey, Amer­ica, Italy, the United King­dom, Spain, Al­ge­ria and France.

Un­for­tu­nately, Egypt’s im­ports in­creased by 19% dur­ing the same afore­men­tioned pe­riod, reach­ing $57.76bn, com­pared to $48.45bn dur­ing the same pe­riod last year, an in­crease of $9.22bn.

Jaber added that the sec­tors that recorded an in­crease in the vol­ume of im­ports dur­ing the first ten months of this year in­cluded fur­ni­ture sec­tor, leather prod­ucts, gar­ment sec­tor, and the hand­i­crafts sec­tor.

Jaber pointed out that the lead­ing ex­porters to the Egyp­tian mar­ket dur­ing 10M18 in­cluded China, the US, Rus­sia, Ger­many, Turkey, Ukraine, and Saudi Ara­bia.

Over and above, the non-oil for­eign trade in Egypt rose by 16.8% y-o-y dur­ing 10M18, amount­ing to $78.40bn from the be­gin­ning of Jan­uary un­til the end of Oc­to­ber, com­pared to $67.96 bn dur­ing the same pe­riod last year, an in­crease of $11.311 bn.

These in­di­ca­tions mean that there is a large gap be­tween Egypt’s ex­ports and im­ports, de­spite the fact that the Egyp­tian gov­ern­ment has adopted a num­ber of mea­sures and poli­cies to cut back on im­ports and re­duce the de­ple­tion of hard cur­rency, es­pe­cially fol­low­ing the de­ci­sion of the for­mer Min­is­ter ofTrade and In­dus­try, Tarek Ka­bil, to ban the im­port of 50 com­modi­ties only af­ter reg­is­ter­ing the fac­tory of the man­u­fac­tur­ing coun­try in 2016.

In ad­di­tion to the de­ci­sions of the Cen­tral Bank of Egypt (CBE) to re­duce con­sump­tion, which stip­u­lated that banks have to ob­tain 100% cash in­sur­ance, in­stead of 50% on im­ports car­ried out for the ac­count of com­mer­cial com­pa­nies or gov­ern­ment agen­cies.

For his part, Ahmed Shiha, for­mer head of the im­porters di­vi­sion at the Cairo Cham­ber of Com­merce, stated that de­ci­sions of crop­ping im­ports were wrong de­ci­sions, as Egypt de­pends 100% on its ex­ports and in­dus­try in a for­eign com­po­nent rang­ing be­tween raw ma­te­ri­als, pro­duc­tion re­quire­ments, in­ter­me­di­ate goods and cap­i­tal goods.

There­fore, the de­ci­sion of ra­tioning Egypt’s im­port­ing also led to de­creased man­u­fac­tur­ing and in­dus­try in Egypt, and con­se­quently caused de­creased ex­ports, con­firm­ing that the de­ci­sion neg­a­tively af­fected Egyp­tian ex­ports.

Non-oil for­eign trade in Egypt rose by 16.8% Y-O-Y dur­ing the first 10 months of this year, amount­ing to $ 78.40bn.

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