Egyptian-US trade exchange up by 15% in January, February

Trade exchange between Egypt and the United States rose last January and February to $ 692.72 million vis-a-vis $ 597.45 million during the same period last year with an increase of 15.95 percent.

A report received by Foreign Trade Minister Youssef Boutros Ghali from the Egyptian trade representation office in Washington read that the value of Egyptian exports to the United States slumped by 17.38 percent last January and February due to a decrease in the petroleum exports.

"Exports in the said period reached $ 119.24 million vis-a-vis $ 144.33 million," added the report.

Meanwhile, Egyptian imports from the United States reached $ 537.48 million compared to $ 453.12 million during the same period last year, with an increase of 26.56 percent.

The report noted that the trade balance deficit during the aforementioned period hits $ 454.24 million vis-a-vis $ 308.79 million, with an increase of 47.1 percent.

The newly-formed Egyptian-U.S. Presidents' Council, which comprises businessmen from both countries, is expected to hold its first meeting next June to probe means to remove obstacles impeding bilateral trade and investment activities.

Establishment of the Council is considered the first step on the road to setting up an Egyptian-US free trade agreement to facilitate movement of commodities and capital without customs or technical restrictions.

US Trade Representative Robert Zoellick is expected to visit Egypt on June 7 to discuss bilateral trade relations and the measures taken by the Egyptian government to pave the way before setting up the projected free trade zone.