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FinancialNews
27-01-18
Egypt: 25 percent narrowed in trade shortfall
(MENAFN) Egyptian Trade Ministry revealed trade deficit to have narrowed by 25% last year as a result of imports decrease and exports increase.
In a statement, Trade Minister Tarek Kabil confirmed a 10% increase in non-oil exports to $22.4 billion last year, compared to $20.4 billion in 2016.
However, he confirmed a 14% decline in imports to $56.8 billion last year, compared to $66.3 billion in 2016.
Exports in Egypt have established new markets over the last year since the pound lost 50% of its worth amid a currency floatation in November 2016.
MENAFN2701201800450000ID1096393822
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