Egypt Non-Oil Exports Rise by 12 Percent

Egypt’s non-petroleum exports rose by 12% in 2017, according to a report by the trade ministry’s general organization for export and import control. Exports recorded $20.5 billion in 2017, MENA reported, adding that fertilizers and chemical exports grew by 32% to $4.4 billion. Ready-made clothes exports surged by 13% and engineering and electronic goods exports rose by 11%, the report indicated. Construction materials exports increased by 3% in 2017 to $5.088 billion, the report noted. Egypt’s Industry and Trade Minister Tarek Qabil said that the country’s trade deficit declined 26% year-on-year to $12 billion during the first 11 months of 2017. Egyptian exports rose by 10% to $20.4 billion in the 11-month period, compared to $18.4 billion in the prior year period, he added. Meanwhile, Fitch Ratings revised the outlook for Egypt’s long-term foreign and local currency issuer default ratings to positive from stable, and affirmed IDRs at a ‘B’ rating, according to a press release issued by the credit rating agency on Tuesday.