Egypt Imports Fall, Exports Rise

Egypt’s imports have declined by $7 billion in the period from January to September, according to Minister of Trade and Industry Tarek Kabil, Ahram reported. Egypt’s exports, however, increased over the past 9 months, which contributed to decreasing trade deficit by $8 billion. From January to September, Egyptian exports increased by $1 billion compared to the same period last year, Kabil said. The minister said that building materials, chemicals, fertilizer, food industries, and furniture were the sectors that achieved the highest increase in exports. During his meeting with the heads of export councils, Kabil noted that the ministry is working on a new strategy to double exports over the next five years, in coordination and cooperation with various export sectors. The meeting dealt with reviewing the export council plans, in light of each sector’s export achievements, as well as visualizing the target plan for each council during the next phase.