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26/06/2017 - 20:01hs

Egypt’s exports surge

The country’s foreign sales totaled USD 5.1 billion in Q2 of the 2016/2017 fiscal year, an increase of 18.6% over the same period of the previous fiscal year.

São Paulo – Egypt’s exports totaled USD 5.1 billion in Q2 of the 2016/2017 fiscal year, up 18.6% over the same period of the previous fiscal year, according to data made public this Sunday (25) by the Arab country’s Central Bank. Egypt’s fiscal year runs from July 1 to June 30. The information was published by the website of the Egyptian newspaper Al Ahram.

According to the bank, there’s significant growth in foreign sales of important sectors, such as oil and products, with shipments grossing USD 1.4 billion. Exports of finished goods totaled USD 2.5 billion, with semi-finished products reaching USD 882.4 million.

Foreign sales to Arab countries totaled USD 1.7 billion, followed by the European Union with USD 1.5 billion, non-EU countries with USD 454.7 million, Asia with USD 483.3 million, United States with USD 356.6 million, non-Arab African nations with USD 155.4 million, and other destinations with USD 483.3 million.

In the period, the only decline occurred in sales from Egypt to Russia and to the Commonwealth of Independent States (former USSR Republics).

To Brazil, Egypt exported USD 29.5 million in Q2 of the 2016/2017 fiscal year, a surge of 18% in comparison to the same period of the previous fiscal year. The main products shipped were fertilizers, olives and cotton yarn.

According to the Al Ahram, in March the Ministry of Industry and Commerce made public a strategy aimed at near doubling the country’s exports until 2020, going from the currrent USD 19 billion to USD 34 billion. The plan provides for the adoption of new policies, the search for new markets for products such as cement, agricultural items, clothing, construction material, chemical products and electronics.

Last November, Egypt’s Central Bank floated the local currency when facing a shortage of dollars in the country and the declining foreign reserves. This caused the Egyptian pound to go through a strong devaluation that took it to 18 pounds to 1 dollar, against 8.88 pounds per dollar before the change of the foreign exchange regime. In general, the cheaper local currency favors exports.

*Translated by Sérgio Kakitani

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