Cairo – Mubasher: Egypt’s trade surplus with Kenya grew 239% year-on-year in the first half of 2017, according to data by Egypt’s Commercial Office in Kenya’s capital Nairobi.
The Egyptian Ministry of Trade and Industry has received a report from the Commercial office that shows that trade surplus amounted to $90 million at the end of June 2017 from $27 million, minister Tarek Kabil said in a statement on Tuesday.
Egypt’s exports to Kenya surged 30% to $170 million in H1-17, compared to $130 million in H1-16, Kabil highlighted.
On the other hand, Egypt’s imports from Kenya dropped 27% to $29 million in H1-17, versus $109 million at the end of June 2016, the minister continued.
The Egyptian exports to Kenya during this period included sugar, detergents, and glass.
The first deputy trade minister mentioned that Egypt’s Commercial Offices have attracted contracts and export opportunities of $142.5 million and provided foreign investments of $352 million in September 2017.
The value of Egyptian exports to the Kenyan market rose 15% year-on-year to $268 million in 2016.
The Central Bank of Egypt (CBE) had previously announced a 14.5% increase in foreign direct investment (FDI) in Egypt to $7.9 billion in fiscal year 2016/2017 from $6.9 billion in the prior fiscal year.
