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Egypt’s exports to international gatherings hike to LE470bn

Egypt’s exports to international gatherings hike to LE470bn

Cairo: Egypt’s exports to international gatherings jumped 78.5 percent in 2017, recording LE 470.4 billion, compared to LE 263.5 billion in 2016, according to the state's statistics body CAPMAS.

CAPMAS stated in a press release that the international gatherings that Egypt is involved in are ESCWA, Community of Coast, Desert, COMESA, Group of Fifteen, and the Arab Free Trade Area-Group of Developing Eight Islamic countries (D-8).

The report revealed that Egypt’s export to the Arab Free Trade Area allocated the biggest share of exports, recording LE 172.2 billion, compared to LE 101 billion in 2016, with an increase of 70.5 percent.

The ESCWA gathering came in the second place with exports amounting to LE 143.2 billion in 2017, compared to LE 82.5 billion pounds in 2016, with a 73.7 percent increase.

With an increase of 55.1 percent, COMESA group came in the last place with LE 28.1 billion, compared to LE 18.1 billion in the prior year.

Egypt’s imports to these international gatherings hiked 75.5 percent in 2017, hitting LE 544.9 billion, compared to LE 310.5 billion in 2016.

Egypt imported from the Arab Free Trade Area with a value of LE 175.2 billion, to come at the top of the list, compared to LE 90.2 billion in 2016, with an increase of 94.3 percent.

With an increase of 86.3 percent, Group of Fifteen came second by LE 164.5 billion, compared to LE 88.3 billion in 2016.

COMESA Group came last by LE 10.8 billion in 2017, compared to LE 6.2 billion in 2016, up by 73.4 percent.

As per international gatherings that Egypt isn’t involved in, Egypt’s exports to them climbed 120.2 percent, reaching LE 177 billion in 2017, compared to LE 80.4 billion in 2016.

These international blocs are European Union association, NAFTA association, EFTA association, ASEAN association, and Mercosur association.

While the imports from these gatherings jumped 64.9 percent, reaching LE 577 billion in 2017, compared to LE 349.9 billion in 2016.

In 2017, Egypt's non-oil exports rose 10 percent to $22.42 billion, up from $20.41 billion in 2016.

Egypt’s exports revived after the flotation of the Egyptian currency by losing about 50 percent of its value, making the Egyptian exports attractive to foreign markets.

Source: Egypt Today

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