Drop in trade between Egypt and Israel

The Israeli Central Bureau for Statistics announced yesterday a large drop in trade between Egypt and Israel during the current year.

Israeli exports to Egypt dropped during the first six months of the current year by 14% in comparison to the same period of last year. Moreover, the Israeli imports from Egypt fell by 32% during the same period last year. Israeli exports to Egypt decreased in 1997 by 5%.

The Director of the Middle East department at the Israeli Ministry of Industry and Commerce, Ghabi Bar, said the political situation raises fears in businessmen. He claimed that any progress in the Middle East peace process may constitute a positive sign to relaunch economic relations between the two sides.

The Egyptian trade advisor in Tel Aviv, Magdi Farhat confirmed the halting of Egyptian - Israeli trade development due to the aggravation of the political situation, saying that: Egypt has no problem with buying Israeli products of high quality and lesser cost due to the lower transportation costs compared to imports from other countries.