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Egypt's Exports to Africa Up 17 Pct in Q1
  ·2018-04-27

The Egyptian exports to Africa increased by 17 percent in the first quarter of 2018 compared with the same period last year, the Egyptian Minister of Trade and Industry revealed.

"Egyptian exports to Africa reached $901 million in the first quarter of this year compared to $745 million during the same period last year," Egypt's Minister of Trade and Industry Tarek Kabil said during his inauguration of the seventh session of Africa Food Manufacturing fair held in Cairo.

The large three-day annual trade fair for innovative solutions and machinery in food manufacturing and packaging hosts this year some 140 companies representing 20 African states, including 52 firms from Egypt, and is expected to attract 6,000 visitors and buyers.

"Enhancing the Egyptian-African ties at both the political and economic levels is a top priority of the Egyptian government," said the minister, stressing that Egypt supports Africa to restore its position on the world economic map.

Egypt is currently working on increasing its exports as one of the main sources of national income and hard currency, and it managed to increase its non-oil exports by 9 percent to exceed $21 billion in 2017, according to an official report released in January.

In March, Kabil said that Egypt's exports to the European Union markets rose by 24 percent in 2017 to reach 7.5 billion euros ($9.2 billion) compared to 6.3 billion euros ($7.7 billion) a year earlier.

Egypt has been suffering economic recession over the past few years of political instability and relevant security challenges.

To boost economy, Egypt started in late 2016 with full local currency floatation as an initial step of a strict three-year economic reform program based on austerity measures, fuel and energy subsidy cuts and tax hikes.

Egypt's reform plan has been encouraged by a 12-billion-dollar loan from the International Monetary Fund, half of which has already been delivered to the most populous Arab country.

(Xinhua News Agency April 22, 2018)

 

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