Minister of Trade and Industry Tarek Kabil announced that the Egyptian non-oil exports to the Spanish market during the first quarter (Q1) of the current year significantly increased by 77.6% to a record €177.4m, compared to €99.9m during the same period of 2016.
The minister noted that Egypt’s imports from Spain fell by 22.3% in Q1 2017 to register €256.1m compared to €329.7m in the same period last year, which resulted in a significant reduction in trade deficit between the two countries. The trade deficit recorded €79m during Q1, compared to €230m during the same period of 2016, with a decreased rate of 66%.
Kabil said that these indicators reflect the success of the ministry’s plan to open more outlets to increase the export rates in various foreign markets, as well as the rationalisation of imports, especially for products that are produced locally.
For his part, Ahmed Antar, head of the Egyptian Commercial Service Office (ECS) said that exports of the fertiliser sector had doubled to €28m during Q1, an increase of €15m compared to the same period in 2016. Antar pointed out that this increase reflects the efforts to send promotional missions organised by the ECS in Madrid for the Egyptian companies exporting phosphate fertilisers, which resulted in export contracts that contributed to increasing Egyptian fertiliser exports to the Spanish market.
He added that the most important items of other Egyptian exports that were exported to the Spanish market during this period included iron and steel, ready-made garments, inorganic chemical products, plastic products, and leather products.
Exports of fertilisers and chemicals increased during the first four months of 2017 from $1bn in the same period of 2016 to $1.341bn—an increase of 34%.
Egypt’s total imports during Q1 of the current fiscal year (FY) fell by $ 810m to record about $13.93bn, compared to $14.74bn in the first quarter of the previous FY. Egypt’s imports decreased by 30% and exports increased by 14%, with a decrease in the trade balance deficit by 48% during the first four months of 2017.