Exports to Arab states healthy, trade surplus up
Egypt's trade deficit fell by 12 per cent during the first four months of 2002 to reach $2.4 billion, compared with $2.7 billion for the same period last year.
The July report on foreign trade said that the trade deficit during the first quarter of the year dropped by 9 per cent to reach $1.8 billion, down from the $2 billion for the first quarter of 2001.
ÊÊÊ This was due to 2 per cent rise in exports between January and April to reach S1.6 billion, while imports were down 7 per cent to reach $3.9 billion.
ÊÊÊ Non-petroleum exports were worth $1.1 billion in the same period, up 16 per cent on the 2001 total. Petroleum exports fell by 16 per cent to reach $5.1 billion.
ÊÊÊ Statistics for July 2001-April 2002 show a decrease in Egypt's trade balance to $6.7 billion.
ÊÊÊ The trade deficit improved slightly in 2001 to hit $8.6 billion, as opposed to $9.2 billion in 2000, which means a 7 per cent decrease. Imports slipped during 2001 by 9 percent.
ÊÊÊ Egypt's trade surplus with those Arab states, which are signatories of free trade agreements with Egypt, rose for the first quarter of 2002 to $36 million, up $11 million from the same period last year, the report said.
ÊÊÊ This was due to a 5 per cent rise in exports to those states, reaching $72 million, while imports from the same decreased by 19 per cent to reach S39 million.
ÊÊÊ Lebanon, Iraq and Syria were top importers of Egyptian products: $40 million worth last year. Egypt's exports to Jordan broke records with a 113 per cent rise to make the $8 million mark.
ÊÊÊ Libya and Syria were top exporters to Egypt, whose imports from this due account for 53 per cent, $19 million worth of merchandise.
ÊÊÊ Egypt's exports to the member states of the Common Market for Eastern and Southern Africa (COMESA) fell by 5 per cent to reach $13 million. In the meantime, the trade deficit with COMESA was at $75 million, compared with S47 million in 2001.
ÊÊÊ The report, quoting economic sources, attributed the rise in imports from COMESA to importers' preferences for markets offering the most favorable customs exemptions.