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Egypt-US bilateral trade hits $3B in four months

Egypt-US bilateral trade hits $3B in four months

Cairo: Trade exchange between Egypt and the US surged by 25.7%, or $607.7 million, year-on-year to $2.97 billion during the first four months of 2019, compared to $2.36 billion.

Egypt’s trade deficit with the US rose by 15% to $1.18 billion from January to April, compared to $1.03 billion in the corresponding period a year earlier, according to a report released by the Egyptian representative office in Washington.

The North African nation’s exports to the US hiked by $227 million, or 34.1%, year-on-year to $892.3 million in the four-month period ended 30 April from $665.4 million.

From January to April, Egyptian petroleum exports to the US amounted to $176.9 million, rising by $54 million from $122.9 million in the same period of 2018.

Meanwhile, Egypt’s non-petroleum exports to the US soared by $172.9 million, or 31.8%, to $715.4 million during the January-April period of 2019, compared to $542.5 million in the corresponding period a year earlier.

On the other hand, Egypt’s imports from the US grew by $380.8 million, or 22.5%, year-on-year to $2.07 billion in the four-month period ended 30 April from $1.69 billion. Source: Mubasher

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