Egypt: exports up 43 percent, imports down 13 percent
Egypt, Economics, 2/12/2001

Economic indicators showed that over the last fourteen months, the Egyptian economy has achieved positive progress. Trade balance deficit dropped by 26%, or US$ 2.053 billion, while exports increased by 42.8%, or US$ 1.940 billion and imports decreased by 12.9%, or US$1.3 billion, according to a Cabinet report.

The report highlighted that the decisions pertaining to streamlining inspection and control, issuing of customs tariff and amending some articles of customs law no. 66/1963 have all contributed to eliminating all obstacles that were hindering Egyptian exports.

It also said that the Ministry of Finance has been preparing an integrated mechanism for tax and customs reform. This is in addition to curing customs defects and giving new momentum to exports.

On the other hand, a cold store is under construction at the airport. It will result in increasing fresh agricultural exports between 25 and 40%. Besides, International Trade Point has offered 5,434 export opportunities while trade representation agency has concluded many export contracts with more than 20 countries.

The report also affirmed that Egyptian industry modernization program, in cooperation with the European Union, includes 600 factories. An industrial chart for all Egyptian products has been drawn with a view to improving and promoting them in foreign markets.

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