Egypt : Gap between exports, imports decreased to lowest levels in 7 years

CAIRO - 26 July 2022:The Cabinet media center asserted that trade balance improvement and increasing exports are strategic and national targets for the Egyptian state in light of the presence of integration among the financial and monetary policies as well as production regulations along with the state's keenness on supporting the production sectors that aim at enhancing exports of Egyptian commodities.

This came in report, which included an infographic, released on Tuesday by the Cabinet media center, asserting that the gap between Egypt's exports and imports decreased to the lowest levels in seven years due to the state's efforts to improve the performance of the trade balance.

The report highlighted the state's efforts to enhance the constitutional and legislative atmosphere necessary to bolster external trade and provide all logistic potentials, infrastructure and shipping routes to boost exports, in addition to opening new markets in various world countries in a way that was positively reflected on Egypt's external trade status despite the successive global economic crises.

The report revealed that exports in the first four months of 2022 amounted to $19 billion, recording an increase of 47.3 percent compared with the same period of the previous year, while deficit in the trade balance decreased by 6.8 percent.

Exports' value reached its highest levels in 2021 with a total value of $43.6 billion compared with $29.03 billion in 2020, added the report.