Cairo – Mubasher: Egypt's non-oil exports to Spain increased by 77.6% year-on-year in the first quarter of 2017, Egypt’s minister of trade and industry, Tarek Kabil, said on Tuesday.
Exports amounted to EUR 177.4 million during the first three months of 2017, compared to EUR 99.9 million in the same period in 2016.
Egyptian imports from Spain fell by 22.3% to reach EUR 256.1 million in the period between January and March 2017, compared to EUR 329.7 million in the same period last year,
The decline in imports led to a 66% reduction in the trade deficit between the two countries, to reach EUR 79 million in Q1-17, compared to EUR 230 million in Q1-16.
These indicators reflect the success of the ministry's plan to increase export rates to various foreign markets, as well as rationalising imports, especially for products that have domestic substitutes, Kabil added.
Egypt's exports rose to $20.285 billion in 2016, compared to $18.670 billion in 2015.
Meanwhile, the Egyptian trade deficit amounted to $49 billion in the past fiscal year; however, the government is working on reducing it by 50% in the coming fiscal year.
