Trade – Daily News Egypt https://wwww.dailynewssegypt.com Egypt’s Only Daily Independent Newspaper In English Sun, 05 Jul 2020 20:01:39 +0000 en-US hourly 1 https://wordpress.org/?v=4.9.1 Egypt reports $2.36bn trade deficit in April: CAPMAS https://wwww.dailynewssegypt.com/2020/06/30/egypt-reports-2-36bn-trade-deficit-in-april-capmas/ Tue, 30 Jun 2020 00:43:11 +0000 https://wwww.dailynewssegypt.com/?p=734927 Decline attributed to decreased value of some commodities, including fertilisers, petroleum products, and assorted edibles

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Egypt’s trade balance recorded a deficit of $2.36bn in April, according to the Central Agency for Public Mobilization and Statistics (CAPMAS) in its monthly “Foreign Trade Data” bulletin.

The figures compare to the $4.28bn reported in the same month of the previous year, marking a decrease of 45%.

The country’s exports value decreased by 32.3%, reaching $1.84bn during April 2020, versus $2.72bn for the same month of the previous year. The decline was attributed to the decreased value of some commodities, including fertilisers by 9.9%, petroleum products by 69.9%, miscellaneous edible preparations by 15%, and potatoes by 18.6%.

The exports value of some commodities increased during April 2020, compared to the same month of the previous year. This includes commodities such as dairy products by 0.2%, fresh fruits by 20.2%, frozen or chilled vegetables by 3.5 %, and flat rolled iron and steel products by 44.6%.

Egypt’s imports value decreased by 40.1% to $4.19bn during April 2020, against the $7bn reported in the same month of the previous year. The decline was attributed to the decreased value of some commodities, including raw materials of iron or steel at 30.1%, wheat by 45.7 %,  medicines and pharmaceuticals by 10.4%, and plastics in primary form by 35.7%.

Imports of some commodities increased in April, such as corn by 2.0 %, refined oils by 6.6%, newsprint and printing by 6.8%, and external tires and inner tubes by 0.9%.

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Egypt extends alcohol export ban for further 3 months https://wwww.dailynewssegypt.com/2020/06/18/egypt-extends-alcohol-export-ban-for-further-3-months/ Thu, 18 Jun 2020 16:23:24 +0000 https://wwww.dailynewssegypt.com/?p=733765 Gamea said the decision is to ensure that the needs of Egypt’s citizens and medical institutions are provided for during the ongoing coronavirus (COVID-19) pandemic.

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Minister of Trade and Industry Nevine Gamea has extended the export suspension on all types of alcohol for a further three months, according to a ministry press statement on Thursday.

Gamea said the decision is to ensure that the needs of Egypt’s citizens and medical institutions are provided for during the ongoing coronavirus (COVID-19) pandemic.

She added that the decision falls within the state’s precautionary measures to maintain health and safety of its citizens, as Egypt continues to face the arepercussions of the virus’ spread.

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Non-oil imports decrease 21.2% between January and April: CAPMAS https://wwww.dailynewssegypt.com/2020/06/04/non-oil-imports-decrease-21-2-between-january-and-april-capmas/ Thu, 04 Jun 2020 18:12:23 +0000 https://wwww.dailynewssegypt.com/?p=732505 Non-oil exports declined 1.8% to $8.707bn between January and April compared to figures for the same period in 2019

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Egypt’s non-oil imports declined to $18.805bn during the January-April 2020 period, compared to  the same period in 2019, according to the Central Agency for Public Mobilization and Statistics (CAPMAS).

The latest figures reflect a 21.1% decrease on the $23.864bn reported for non-oil imports during the same period in 2019.

In a statement on Thursday, CAPMAS said the value of food imports during the January-April 2020 period amounted to $3.715bn. This reflects a 22.6% decrease on the $4.802bn reported for the same period in 2019.

The agency said that China, one of the most important importers of Egyptian goods, recorded imports amounting to $3.080bn against the $4.126m reported in the same period last year. This was followed by the US, that recorded imports amounting to $1.373bn against $1.869m. Germany came in third, with imports amounting to $1.182bn compared to the $1.422bn in the same period of last year. followed by Brazil, with imports from Egypt amounting to $445m against $876m in the same period last year. Italy reported imports amounting to $783m compared to $1.093m, while Turkey came in last with imports of $999m, falling from $1.006m.

The agency noted that the value of Egypt’s non-oil exports amounted to $8.707bn during the period from January to April 2020, compared to $8.867m during the same period in 2019. The latest figures reflect a decrease of 1.8% on those reported in the same period last year.

This decrease is due to the decrease in exports of raw materials, which amounted to $948m in the period from January to April 2020 against $961m in the same period in 2019. More raw materials were directed to local manufacturing instead of exporting them for a weak fee. This lead to an increase in local production and covering local market needs for Egyptian products, as opposed to encouraging cash reserve draining imports.

Saudi Arabia reported the highest decline in exports from Egypt, recording exports of $513m in the period of January to April 2020, compared to the $583m in the same period in 2019.

It was followed by Jordan, which recorded receiving Egyptian exports of $148m against the $184m reported in January-April 2019. The UK followed in third place, receiving Egyptian exports amounting to $221m against the $290m, then Germany, which amounted to $196m against $228m. Italy received exports of $490m in the January to April 2020 period, against $495m in the same period of 2019.

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COMESA adopts guidelines for cross-border movement of essential goods, services https://wwww.dailynewssegypt.com/2020/06/02/comesa-adopts-guidelines-for-cross-border-movement-of-essential-goods-services/ Tue, 02 Jun 2020 19:21:05 +0000 https://wwww.dailynewssegypt.com/?p=732276 CBC recommends member states ease movement of essential transit cargo across region

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The Common Market for Eastern and Southern Africa (COMESA) has adopted regional guidelines for the movement of goods and services across borders during the coronavirus (COVID-19) pandemic.

The COMESA Business Council (CBC) recommended its member states urgently put in place a common framework for the movement of essential goods and services across borders. This would take into account product uniformity and harmonisation across countries.

The CBC recommended that its member states consider alternative and practical measures for the movement of cargo across the region. This would include allowing transportation of cargo by a maximum of two people, with regulations for limited interaction between truck drivers and others.

No operational restrictions will be imposed on foreign registered transporters entering a member state, as long as they operate according to national rules and regulations, the CBC noted.

Moreover, the CBC recommended member states facilitate and ease the movement of essential transit cargo across the region. This would happen through pre-clearance and/or prompter clearance to facilitate trade and reduce the risk of infections at border posts.

In addition to this, priority processing channels for goods and services classified as essential would be put in place. The channels would also accelerate clearance and movement of transit goods across countries.

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Abu Tartur Port to remain operational during Eid Al-Fitr holidays https://wwww.dailynewssegypt.com/2020/05/25/abu-tartur-port-to-remain-operational-during-eid-al-fitr-holidays/ Mon, 25 May 2020 18:52:19 +0000 https://wwww.dailynewssegypt.com/?p=731673 Trade, Industry Ministry issues urgent instructions for port to remain functional

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Minister of Trade and Industry Nevine Gamea has issued urgent instructions that Safaga’s Abu Tartur Port, which is affiliated to the ministry, will remain operating during the Eid Al-Fitr holiday.

In a press statement on Monday, the ministry said the instructions were handed to Industrial and Mining Projects Authority (IMPA) officials. The port will remain open to end procedures for shipping a boat containing 50,000 tonnes of phosphate directed at foreign markets.

“This move comes as a quick response from the Minister of Trade and Industry [Gamea] to a call of distress, which she received from a company via WhatsApp, as work was interrupted at the port due to the Eid Al-Fitr holiday, as the minister directed IMPA officials to move immediately and begin the shipping process,” the ministry noted.

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Trade deficit down 51.4% in February: CAPMAS https://wwww.dailynewssegypt.com/2020/05/06/trade-deficit-down-51-4-in-february-capmas/ Wed, 06 May 2020 13:36:46 +0000 https://wwww.dailynewssegypt.com/?p=730135 Egypt’s exports rise by 3.3% to $2.69bn in same month

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Egypt has posted a trade deficit of $1.95bn in February, showing 51.4% decrease compared to $4.01bn in the same month last year, according to the Central Agency for Public Mobilization and Statistics (CAPMAS).

On Wednesday, statistics for February 2020 reported in the monthly foreign trade data newsletter showed that the value of exports rose by 3.3% to $2.69bn. This compares to $2.61bn in the same month of the previous year.

The increase can be attributed to the high value of exports of some of the most important commodities. These include various food materials increasing by 11.4%, fresh fruits by 65.3%, medicines and pharmaceutical products by 32.4%, and frozen or chilled vegetables by 25.6%.

The value of some commodity exports decreased during February 2020 compared to the same month of the previous year. The most prominent commodities included petroleum products falling by 23.0%, ready-made clothes by 6.6%, fertilisers by 20.0%, and crude oil by 55.1%.

Statistics indicate that the value of imports decreased by 29.9% to $4.64bn during the February, compared to $6.62bn during the comparison period. This is due to the decrease in the value of imports of some commodities, the most important of which are iron or steel at 28.6%, wheat at 25.2%, petroleum products at 68.1%, and plastics in primary forms at 36.2%.

The value of imports of some commodities increased during February 2020 compared to the same month in the previous year, the most important of which are crude oil, by 135.2%, passenger cars, by 23.3%, corn by 10.5%, and refined oils by 38.6%.

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30.3% decrease in January trade balance https://wwww.dailynewssegypt.com/2020/04/02/30-3-decrease-in-january-trade-balance/ Thu, 02 Apr 2020 13:31:42 +0000 https://wwww.dailynewssegypt.com/?p=726858 Exports increased by 1.4 % to reach $2.48bn in January 2020, compared to $2.45bn for the same month of the previous year. This is due to the decreased value of some commodities such as crude oil by 102.6%, fertiliser by 7.3%, and various food preparations by 18.1%, among other items.

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Egypt’s January 2020 trade balance stands at $2.84bn in January 2020, the Central Agency for Public Mobilization (CAPMAS) reported in its monthly Foreign Trade Data bulletin on Thursday. The latest CAPMAS figures show a significant decrease from the $4.01bn reported in the same month of the previous year. The deficit value of trade balance reached $2.84bn in January 2020, versus $4.07bn for the same month of previous year, a decrease of 30.3%.

Exports increased by 1.4 % to reach $2.48bn in January 2020, compared to $2.45bn for the same month of the previous year. This is due to the decreased value of some commodities such as crude oil by 102.6%, fertiliser by 7.3%, and various food preparations by 18.1%, among other items.

While the export values of some commodities decreased in January 2020, compared to the same month of the previous year. These figures cover items such as ready-made clothes, by 6.9%, petroleum products by 9.2%, plastics in primary forms by 28.1%, and fresh fruits by 31.0%.

The value of imports decreased by 18.4% to reach $5.32bn in January 2020, compared to $6.52bn for the same month of previous year. This is due to the decreased value of some commodities such as, petroleum products by 34.1% of that figure, raw iron or steel materials by 28.9%, plastics in their primary forms by 19.2%, and corn by 9.7%.

Imports of some commodities increased in January 2020, compared to the same month of previous year such as passenger cars by 6.9%, wheat by 15.0%, engines, generators and electric motors by 55.1%.

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Nouna establishes tomato paste factory with EGP 26m investments https://wwww.dailynewssegypt.com/2020/03/18/nouna-establishes-tomato-paste-factory-with-egp-26m-investments/ Wed, 18 Mar 2020 11:53:40 +0000 https://wwww.dailynewssegypt.com/?p=725361 Factory on an area of 10,000 sqm in partnership with Jordanian company: Fathy

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Nouna Juices and Concentrates Company is pumping investments estimated at EGP 26m this year, in partnership with investors from abroad, to open a new factory for producing tomato paste in the industrial zone of ​​Qena.

Waleed Fathy, general director of Nouna Juices, said that the company’s new factory is the result of a partnership with a Jordanian investor.

He added that the factory is located on an area of ​​10,000 sqm, and includes a production line with a capacity of 40 tonnes of tomato paste per day.

He pointed out that the company went to Upper Egypt because of the high quality of the tomato winter crop.

He explained that the company aims to export 3500 tonnes of tomato paste from the new factory to Arab Gulf countries and Jordan by the end of this year, with initial contracts ranging between 700 and 1500 tonnes.

He pointed out that the company currently produces jam, juices, syrups, and salsa, under the brand name, Nouna.

The company seeks to double its exports to reach EGP 24m this year, compared to less than EGP 10m last year.

He explained that the company was established in 2013 with the goal of exporting 99% of its production and launching 1% in the local market, but the goal has shifted to a target of 20% for local production.

The company exports to Palestine, Jordan, Iraq, Mauritania, Nigeria, Ethiopia, and Saudi Arabia. There is a plan to export to East Europe by the end of this year.

He stressed the stability of the price of products locally and in exportation, in line with the prices of competing companies, pointing out that acquisition jam and syrups account for the largest share demanded in foreign markets.

He pointed out that his company acquired the ISO certificate “22000 – 9001” because of its comprehensive quality and commitment to international standards for food production.

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Mork Trading Inc markets Egyptian nuts in Gulf https://wwww.dailynewssegypt.com/2020/03/18/mork-trading-inc-markets-egyptian-nuts-in-gulf/ Wed, 18 Mar 2020 11:39:54 +0000 https://wwww.dailynewssegypt.com/?p=725354 Al-Faris pointed out that Mork has participated in the last three sessions of the Food Africa exhibition, which is held in Cairo, and will be participating in the current session of the Gulfood exhibition in Dubai to market its nut products.

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Mork Trading Inc will be launching its Egyptian nuts at the Gulfood Exhibition, with the aim of attracting new customers in Gulf markets to increase exports.

Bassam Al-Faris, chairperson of Mork, said that the company specialises in marketing seven main products in local and international markets, namely nuts, halawa, tea, herbs, olive oil, and soap made from olive oil.

Al-Faris pointed out that Mork has participated in the last three sessions of the Food Africa exhibition, which is held in Cairo, and will be participating in the current session of the Gulfood exhibition in Dubai to market its nut products.

He added, “The nuts factory is located in Egypt, but the tea and herbal factory is located in the Sultanate of Oman, and Mork is the exclusive agent for exporting the company’s products”.

On export, he said that the company currently exports sweets, but it is attending the Gulfood exhibition with the aim of marketing Egyptian nuts. The company exports sweet products to the Netherlands and Sweden.

Mork manufactures nuts such as pistachios, walnuts, cashews, and hazelnuts. It also seeks to export to compensate for the decline in the local market’s demand.

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Egypt’s trade deficit decreases 10.8% to $3.45bn in December 2019: CAPMAS https://wwww.dailynewssegypt.com/2020/02/26/egypts-trade-deficit-decreases-10-8-to-3-45bn-in-december-2019-capmas/ Wed, 26 Feb 2020 02:59:33 +0000 https://wwww.dailynewssegypt.com/?p=723315 Exports of crude oil, ready-made clothes, plastics, fruits have increased, says report

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Egypt’s trade deficit decreased by 10.8% in December 2019, reaching $3.45bn from $3.87bn in the same month in 2018, the Central Agency for Public Mobilisation and Statistics (CAPMAS) said over its monthly report “Foreign Trade Data,” released on Monday.

Exports value increase by 0.5 % as it reached $2.59bn in December 2019, versus $2.57bn for the same month of 2018, the report said, adding that exports value of some commodities increased in December 2019, versus its value in the same month of previous year. The CAPMAS report said crude oil exports went up by 10.9%, ready-made clothes by 1.9%, plastics in primary forms by 27.6%, and fresh fruits by 7.4%.

Meanwhile, the report showed a decrease in value for some commodities such as petroleum products by 25.3%, pastries and various food preparations by 24.7%, medicines and pharmacy preparations by 5.7%, and ceramic tiles and sanitary ware by 6.5%.

  

Moreover, imports value decreased by 6.2 % as it reached $6.04bn in December 2019, versus $6.44bn for December 2018, due to the decreased value of some commodities such as petroleum products by 40.6%, raw materials of iron or steel by 8.4%, wheat by 14.4%, and medicines and pharmaceutical preparations by 12.9%, the report explained.

Imports of some commodities increased in December 2019, versus the same month the previous year such as passenger cars by 6.2%, organic and inorganic chemicals by6.9%, and individual telephones by 26.8%, the report concluded.

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Luna Verde Export & Agri Investment to raise its exports to €28m this season https://wwww.dailynewssegypt.com/2020/02/10/luna-verde-export-agri-investment-to-raise-its-exports-to-e28m-this-season/ Mon, 10 Feb 2020 11:45:47 +0000 https://wwww.dailynewssegypt.com/?p=721704 Expectations of an increase in demand for green beans, according to Al-Amry 

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Luna Verde Export & Agri Investment aims to increase its exports during the 2019/2020 season to reach €28m, up from €24.2m during the last season.

Reda Al-Amry, chairperson of the company, said that during the last season (2018/2019), the company exported about 2,400 tonnes of its products, an increase of 15% and about 22% in value compared to the previous season (2017/2018).

“Our exports have witnessed successive increases over the past years, recording €22.7m in the 2016/2017 season, and €23.4m in the 2017/2018 season, then €24.2m in the last season,” Al-Amry said.

He noted that the company’s exports of green beans alone recorded about €4.5m during the last season, compared to €3.7m during the previous season. The company aims to increase the exports of the crop during the current season to record about €5m.

He pointed out that the company exports various types of agricultural crops, but green beans account for 70%, while citrus fruits, peppers, eggplants, onions, garlic and pumpkins make up the rest.

He indicated that Italy, Germany, Russia and Belgium are the main markets for the company’s exports, and he expects an increase in demand for various products of the Egyptian agricultural crops during the current season, most notably grapes, citrus fruits, onions and garlic, as well as an increase in demand for beans and artichokes.

He added that there is an increasing demand for agricultural crops preserved in a saline solution, such as artichokes and olives, so the company is seeking to expand in these types of products because of their promising opportunities in the future.

“European countries account for 85% of the company’s exports annually, while the rest of the company’s production is exported to Arab countries. About 70% of the company’s exports go to Europe through Italy, while 30% are distributed to the rest of the European Union,” he said.

He highlighted the importance of having a national shipping line to Europe to facilitate transportation to its markets, especially in light of the high cost of air freight, which is a major challenge for Egyptian exports, as the cost of air freight is about $1 per kg.

He noted that there is a proposal submitted by a group of exporting companies to establish a joint-stock company to develop an old and stalled port in the Abu Sultan area in Ismailia governorate, to facilitate freight movement to the European market and eliminate foreign monopoly in shipping.

He added that this port will provide freight to Europe in two days at a low cost, without quantity restrictions, and will help small companies develop their businesses.

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Grand Egypt invests EGP 8m to add 1,000 feddans to its land https://wwww.dailynewssegypt.com/2020/02/10/grand-egypt-invests-egp-8m-to-add-1000-feddans-to-its-land/ Mon, 10 Feb 2020 11:30:07 +0000 https://wwww.dailynewssegypt.com/?p=721701 General manager of the company Reda Mohamed said, in the coming period, Grand Egypt aims to expand in the production of oranges, garlic and pomegranates to meet the needs of the markets to which it exports.

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Grand Egypt Agro Company allocated EGP 8m to add 1,000 feddans to its land, so that the total area of land it owns would reach 4,800 feddans by the end of 2021.

General manager of the company Reda Mohamed said, in the coming period, Grand Egypt aims to expand in the production of oranges, garlic and pomegranates to meet the needs of the markets to which it exports.

He pointed out that the 1,000 extra feddans include about 820 in Minya governorate, where the company will grow oranges and garlic; and 180 feddans in Wadi El Natroun, where Grand Egypt will grow pomegranates during 2021/2022.

He added that Grand Egypt was established in 2008, and it has 3,800 feddans in New Minya and Nubaria, producing oranges, garlic, golden and green onions, and artichoke.

“The company also has a factory to sort and package agricultural crops in Nubaria, with a production capacity of about 220 tonnes per day,” he added.

Mohamed said the company aims to double its exports in the next five years, so it is keen to expand the areas cultivated with oranges and garlic, along with all the crops it produces.

He pointed out that the company started in 2009 to export to Asia a number of its products, including citrus fruits and garlic.

Mohamed explained that the company targets 40% growth in exports by the end of this year to reach $3.5m compared to $2.5m last year.

He added that the company exports 65% of its production to a number of countries, including Germany, Italy and England in the EU; Malaysia in East Asia; and Saudi Arabia, Bahrain, Oman and the UAE in the Middle East.

He said that the company is seeking to open new export markets for garlic in a number of countries, including Brazil, Taiwan, China and Russia.

Mohamed stated that the company has signed several contracts, to export 650 tonnes of fruit and vegetables, by participating in the Fruit Logistica Exhibition last year, and aims to increase its exports in 2020 to 2,000 tonnes by participating in this year’s exhibition.

He added that participation in international exhibitions, especially Fruit Logistica, is of great importance to increase the company’s exports, and it is a good opportunity to meet the company’s current customers and open up new export markets through new clients in those countries.

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Elwadi Export Co. for Agricultural Products aims to export 100,000 tonnes in 2020  https://wwww.dailynewssegypt.com/2020/02/10/elwadi-export-co-for-agricultural-products-aims-to-export-100000-tonnes-in-2020/ Mon, 10 Feb 2020 11:15:46 +0000 https://wwww.dailynewssegypt.com/?p=721689 Establishing two new production lines, with investments of $2.5m, according to Anis

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Elwadi Export Co. for Agricultural Products aims to export 100,000 tonnes of agricultural crops during the current year, an increase of 28%.

Anis Mohamed, the general manager of Elwadi Export Co. for Agricultural Products, said the company aims to increase its exports from 78,000 tonnes during the last season to 100,000 tonnes during the current season.

He estimated the value of the company’s exports during the past year at $39m, as the company exports its entire production to more than 25 countries, including Saudi Arabia, Italy, England, Russia, Ukraine, Hong Kong, China, the Netherlands, Germany and Ireland, all whilst seeking to open up to new markets during the current year.

Mohamed said the company owns 8,000 feddans in Wadi Natrun, and citrus fruits account for an area of 4,800 feddans of the total cultivated land area, while the remaining area is allocated to the production of pomegranates, onions, strawberries and grapes.

He added that the company has three sorting and packaging stations in Belbeis, Tanta and Kafr El-Dawar, each made of two production lines with a capacity of about 50 tonnes per day.

He pointed out that the company produces 45% of the quantities required for export from its farms, managing the rest by purchasing from farmers and traders.

The general manager of the company said the company is preparing to buy two new production lines for vegetables and fruits using the electronic sorting system with a production capacity of 50 tonnes per day, with investments of $2.5m during the first quarter of this year.

Mohamed explained that the two new production lines aim to increase production capacity by about 33%, while increasing the company’s exports to a number of new markets in Africa and in South and East Asia.

He pointed out that he started directing the company’s activity in dealing and supplying to the commercial chains in the European Union with the required specifications and the use of pesticides according to the standards recognised in the European Union.

The general manager emphasised the company’s keenness to sort and cool the products and to ensure their quality and compliance with European specifications and requirements.

Egyptian products are able to compete externally in case of adherence to specifications, despite the presence of strong competitors in the sector, including Morocco, a strong competitor in the market of vegetables and fresh citrus fruits, Mohamed said.

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ITC to export 1,500 tonnes of sweet potatoes to Europe this year https://wwww.dailynewssegypt.com/2020/02/10/itc-to-export-1500-tonnes-of-sweet-potatoes-to-europe-this-year/ Mon, 10 Feb 2020 10:30:13 +0000 https://wwww.dailynewssegypt.com/?p=721684 Ehab Sharaf, chairperson of the company, said ITC seeks to increase the volume of its exports by cultivating 100 feddans of sweet potatoes for export to European markets. 

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ITC, which exports fruit and vegetables, aims to export 1,500 tonnes of sweet potatoes to Europe this year, compared to only 500 tonnes last year.

Ehab Sharaf, chairperson of the company, said ITC seeks to increase the volume of its exports by cultivating 100 feddans of sweet potatoes for export to European markets.

He emphasised that the expansion in agriculture will increase the company’s production, contributing to raising exports during the coming period, and increasing competitiveness both locally and globally.

He explained that ITC has been working since 2015 in exporting agricultural crops and started to export in early 2016. The company exports sweet potatoes, grapes, oranges, potatoes, mangoes and strawberries.

He added that the volume of the company’s exports during the past year was $400,000. The company aims to achieve an increase in the volume of its exports to reach $1m in conjunction with the opening of new export markets.

He pointed out that the company exports its full production capacity, and the largest proportion of the company’s exports are concentrated in the Netherlands, Germany, Switzerland, France, England and Portugal.

He added that the company aims to expand in the European market and enter serious export markets in America, Russia, Canada, and South and East Asia, given the high demand in those markets for fresh fruit and vegetables.

He explained that this is ITC’s first participation in the Fruit Logistica exhibition, which he considers a good opportunity to meet the company’s current customers and open itself to new export markets through new clients.

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Fruttella sales reach EGP 170m last year https://wwww.dailynewssegypt.com/2020/02/10/fruttella-sales-reach-egp-170m-last-year/ Mon, 10 Feb 2020 09:00:18 +0000 https://wwww.dailynewssegypt.com/?p=721657 Company invests EGP 25m in onion packaging, targets 20% in exports: Sarhan

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Fruttella for Food Industries aims to increase its exports of agricultural crops between 15 and 20% this season, by increasing the total contracts with existing customers and contracting with new customers through international trade fairs and missions.

Ahmed Sarhan, President of Frutella Food Industries, said the company exported about 23,000 tonnes of different products last year, at a value of EGP 170m, and is seeking to increase the current season by 27,000 tonnes on average.

He explained that the company is seeking to pump new investments worth EGP 25m to create an electronic line to package onions, with a capacity of 100 tonnes per day, making it the first electronic line in Egypt. The company has recently invested EGP 15m in an electronic sorting line for citrus fruits.

Sarhan added that citrus fruits are the main crops the company exports, followed by potatoes, while onions began to increase to 3,000 tonnes last season, with more contracts in the current season, along with mangoes.

He explained that the company is working to enter the unconventional markets in the current period, led by Canada and African countries.

The company started exporting some quantities to Canada and to African countries, such as Angola, Kenya and Uganda, all of which enjoy great opportunities in front of Egyptian agricultural exports even though the current quantities are weak, Sarhan said.

He noted that the agricultural export market this season is weak at the level of citrus fruits and potatoes, which are the main products for the company’s exports.

Sarhan attributed the decline in market performance to the lack of quantities of citrus and potatoes globally, and despite the markets are subject to the theory of supply and demand and expectations of higher prices, but the weakness in the global economy makes buyers unable to afford to contract at high prices.

He added that international prices of agricultural products have a ceiling, no matter how weak the supply, and as opportunities to offset losses suffered by some companies weakened last season, the dollar exchange rate decline in Egypt came to make matters worse.

“Buyers accept somewhat anticipated prices, and then prices gradually decline after natural demand falls, which represents a pressure factor on export companies in Egypt,” he said, adding that the low dollar price in Egypt coincided with the continued increase in production costs, driven by the movement of fuel and water prices at the beginning of the current fiscal year.

Sarhan considered that the decline in the Turkish lira supports “Ankara” exports at the expense of Egyptian exports, as Turkey is considered one of the most important competitors to Egypt in agricultural exports internationally, allowing them to have more competitiveness. The advantage of Turkish products comes from the country’s proximity to many markets targeted by Egypt.

The lira, however, has lost 11% of its value in the past year, falling last December to TL 5.9735 for $1, while the value of the Egyptian pound increased by the same percentage at EGP 16.09 for the dollar.

He pointed out that lower production costs in Turkey and a commitment to easier payment systems compared to Egypt support their competitiveness.

Sarhan considered that the global war between the United States of America and China weakened the other trade movement in recent times and affected demand in most commodities.

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Egypt’s trade deficit declines 32.2% YoY in October 2019: CAPMAS https://wwww.dailynewssegypt.com/2020/01/13/egypts-trade-deficit-declines-32-2-yoy-in-october-2019-capmas/ Mon, 13 Jan 2020 19:18:19 +0000 https://wwww.dailynewssegypt.com/?p=719128 The CAPMAS attributed the decrease in exports value to the decrease of some commodities, such as petroleum products by 31.1%, crude oil by 17.2 %, fertilisers by 20.1%, plastics by 4.1%.

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Egypt’s trade deficit declined to $3.22bn in October 2019, down from $4.75bn in the same period in 2018, a decrease of 32.2%, according to the Central Agency for Public Mobilization and Statistics (CAPMAS).

The country’s exports decreased by 4.4% to $2.39bn in October, down from $2.50bn in the same period in 2018, the CAPMAS added in its monthly bulletin of foreign trade.

The CAPMAS attributed the decrease in exports value to the decrease of some commodities, such as petroleum products by 31.1%, crude oil by 17.2 %, fertilisers by 20.1%, plastics by 4.1%.

However, the value of some exported commodities increased in October 2019, such as ready-to-wear clothes by 8.3%, fresh fruit by 10.2%, dairy products by 10.9%, and ready-made textiles by 10.8%.

As for imports, the CAPMAS said their value decreased by 22.6%, to $5.61bn in October 2019, down from $57.25bn in October 2018.

The value of some imported commodities decreased, such as petroleum products by 23.5%, cars by 4.0%, and iron by 36.4%.

“Imports of some commodities increased in October 2019, such as corn by 3.6%, meat by 10.2%, soybean by 49.6%, fresh apples by 35.3%,” reported the CAPMAS.

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18.9% decrease in Egypt’s trade balance deficit in July Y-O-Y:CAPMAS https://wwww.dailynewssegypt.com/2019/10/14/18-9-decrease-in-egypts-trade-balance-deficit-in-july-y-o-ycapmas/ Mon, 14 Oct 2019 17:21:27 +0000 https://wwww.dailynewssegypt.com/?p=710921 14.8% decrease in imports value during July Y-O-Y, says CAPMAS

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The deficit in Egypt’s trade balance reached $4.21bn last July, compared to $5.18bn in the same month last year, a decrease of 18.9%, according to the Central Agency for Public Mobilisation (CAPMAS).

The CAPMAS added in its monthly bulletin of “Foreign Trade Data,” that the exports value decreased by 5.7%, dropping to $2.22bn in July 2019, down from $2.35bn during the same month of the previous year.

The CAPMAS attributed this decrease to the decreased value of some commodities including crude oil by 9.3%, petroleum products by 32.6 %, fertilizers by 15.5 %, and furniture by22.6%.

On the other hand, “exports value of some commodities increased in July 2019, versus the same month of the previous year, including ready-made clothes by 9.7%, plastics in primary forms by 21.4%, pastries and various food preparation by 8.1%, in addition to fresh fruits by 31.5%,” the CAPMAS revealed.

It also showed that import value recorded $6.42bn in July 2019, down from $7.53bn in July 2018, a decrease of 14.8%.

The CAPMAS attributed the decrease in the value of imports to the decreased value of some

commodities such as petroleum products by 24.6 %, raw materials of iron or steel by 37.2 %, plastics in primary forms by 6.2 %, and cars by 10.0 %.

It also revealed that the imports of some commodities increased in July 2019, versus the same month the previous year such as meat by 153.5%, corn by 10.8%, soybeans by 19.9%, and individual telephone sets by 23.6%.

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China Trade Fair Egypt 2019 wraps up its activities Monday https://wwww.dailynewssegypt.com/2019/09/30/china-trade-fair-egypt-2019-wraps-up-its-activities-monday/ Mon, 30 Sep 2019 18:31:49 +0000 https://ww.dailynewssegypt.com/?p=709651 “We plan to increase our investments in local market to $15bn,” says Chinese ambassador

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The three-day China Trade Fair Egypt wrapped up its activities on Monday. About 400 Chinese companies participated in the fair to discuss boosting future cooperation with Egyptian counterparts and the possibility of drafting joint deals.

The fair was inaugurated by the Chinese ambassador to Egypt, Liao Liqiang, accompanied by representatives of the Cairo Chamber of Commerce and Egypt-China Trade Center.

The fair introduces diversified products in different fields, including building materials, automobile spare parts and components, electronics, communication systems, home appliances, medical equipment, agricultural products, and others.

The total Chinese investments in Egypt exceeded $7bn, providing about 30,000 direct job opportunities to Egyptians, “We plan to increase our investments in the local market [Egypt] to $15bn,” he added.

The trade exchange between China and Egypt hit $13.87bn in 2018, marking an annual increase of 27.06%, the ambassador noted. In the first half (1H) of 2019, the trade exchange hiked by 4.6% to $6.5bn, according to a previous statement by the ambassador during a press conference last week. Liqiang added that Chinese exports and imports reached $4.6trn in 2018, while Chinese FDIs to other countries stood at $130bn in the same year.

Egypt is achieving remarkable economic results under Al-Sisi leadership

Under the leadership of Egyptian President Abdel Fattah Al-Sisi, Egypt is implementing the economic reform programme which has contributed to achieving remarkable results, “I am pleased to note that Egypt’s economic growth rate has increased from 4.4% in 2014 to 5.6% in 2018,” Liqiang added.

Egypt is one of the fastest growing economies in the world, the ambassador stressed, adding that Egypt’s foreign exchange reserves exceeded $44.96bn, while the unemployment rate dropped to 8.1% in the first quarter (1Q) of 2019.

“I congratulate the government and the people of Egypt on these successes,” he mentioned. He noted that the Egyptian government is working very hard in improving Egyptians’ standard of living, increasing employment, boosting technical and vocational training, protecting the environment, and attracting investments for education and health care.

The link between China’s Belt and Road initiative and Egypt Vision 2030 represents the basis of practical cooperation between both countries, the ambassador said, asserting that in recent years, Egypt has made great economic and social achievements.

China looks to further strengthening its cooperation with Egypt in all fields, which already has unlimited potential, Liqiang said.

China’s cooperation with Africa

China is eager to boost cooperation with Africa, particularly in Egypt, through relating the Belt and Road initiative with Egypt Vision 2030 and other African developmental strategies, according to a document sent by the Chinese embassy to Daily News Egypt.

As of July 2019, the African Continental Free Trade Agreement (AfCFTA) was activated, opening the door for creating the biggest free trade zone in the world, and creating a major market including 1.2 billion people with $2.5trn in GDPs, the ambassador mentioned.

“As a friend and close partner to Africa, we would like to send our congratulations to Africa on the occasion of implementing this agreement as a great accomplishment,” the ambassador said.

Liqiang asserted that China is Africa’s main trade partner over the past 10 years, adding that the new agreement will open new horizons for better cooperation between both sides.

“We believe that the new agreement will play an important role in promoting trade exchange between African countries, and their preferential policies will attract more Chinese investment to the continent as well,” the ambassador said.

Under the auspices of the Egyptian President Abdel Fattah Al-Sisi and his Chinese counterpart Xi Jinping, both countries have conducted fruitful cooperation in various fields and has set an example for China-Africa cooperation, the ambassador mentioned.

On the sidelines of the G20 Osaka Summit held in June 2019, the Chinese president headed the China-Africa mini-summit attended by Al-Sisi and other African leaders, the ambassador said. The two sides reached a common vision of the need to protect pluralism, free trade, achieve equality, and international justice.

China is committed to equality of religions

The Chinese people enjoy freedom of religions and beliefs protected by law, the ambassador asserted, noting that his country is committed to the full equality of religions.

The establishment of Vocational Education and Training Centre in Xinjiang is one of the most important steps taken by the Chinese government to combat terrorism and protect human rights, the ambassador noted.

“Xinjiang has not experienced violence for three consecutive years, demonstrating the active role of the centre in protecting the human rights of various groups in Xinjiang,” the ambassador noted.

There are more than 20 million Muslims in China, who are an integral part of the Chinese nation and make great contributions to promoting China’s economic, social, and cultural development in the modern era, the ambassador asserted.

There are 24,400 mosques in Xinjiang which is more than double the mosques in the United States, Britain, Germany, and France, Liqiang said, adding that each 530 Chinese Muslims have a mosque.

Meanwhile, permanent delegates of over 50 countries, including Egypt and Saudi Arabia, to the UN sent a joint letter to the UN Human Rights Council and the UN High Commissioner for Human Rights in July 2019, praising the tremendous achievements made by China’s Xinjiang in combating terrorism and protecting human rights.

“Ambassador Alaa Youssef, Egypt’s permanent representative to the UN in Geneva, paid a field visit to the Vocational Education and Training Center in Xinjiang in February 2019, where he said that what he has seen and heard in Xinjiang is in stark contrast to what some media agencies have reported against Xinjiang,” said the Chinese ambassador.

The ambassador continued that Youssef also praised the Chinese government’s efforts to combat terrorism, protect freedom of belief, and respect traditions of minorities.

“Chinese provenience affairs are an internal matter, and no foreign country has the right to interfere. Some US officials ignored this fact and made irresponsible remarks about China’s Xinjiang under the guise of human rights, and we fully reject these remarks,” Liqiang stressed.

The issues of Xinjiang are not national, religious, or human rights issues, but they are related to countering separatism, terrorism, and extremism, the ambassador explained.

“We urge the US to respect this fact and stop interfering in the internal affairs of other countries under the pretext of human rights,” the ambassador concluded.

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$80m decrease in Egypt’s trade deficit y-o-y during 8M of 2019 https://wwww.dailynewssegypt.com/2019/09/27/80m-decrease-in-egypts-trade-deficit-y-o-y-during-8m-of-2019/ Fri, 27 Sep 2019 06:00:20 +0000 https://ww.dailynewssegypt.com/?p=709270 Egypt's non-oil exports hike by 3% reaching $17.65bn

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Egypt’s trade balance deficit went down by $80m year over year (y-o-y) during the first eight months (8M) of 2019 , according to the Ministry of Trade and Industry’s latest report on the indicators of the performance of non-oil foreign trade.

The report attributed this decrease to the ministry’s efforts in supporting local products to replace imports, as part of its plan to deepen domestic industrialization and promote foreign trade.

Meanwhile, Egypt’s non-oil exports achieved a 3% increase during 8M 2019, recording $17.65bn from $16.612bn during the same period last year.

The report also showed that the imports witnessed a slight increase of 1% during the first eight months of this year, reaching $40.551bn from $40.178bn during the period from January to August 2018.

Ismail Jaber, chairperson of the General Organisation for Export and Import Control showed out that three export sectors have observed a significant growth during the period from January to August, including the food products, agriculture, and garments sector.

He also revealed that the exports of food products rose to $2.3bn during the 8M of the current year, compared to $888m during the same period of the year, presenting a hike of 8%.

“Exports of agricultural crops recorded $1.763bn during the first eight months of 2019, from $1.626bn during the same period of 2018, an increase of 8%,” Jaber stated.

Furthermore, exports of the garment sector increased by 6% during the first eight months of 2019, reaching $1.105bn from $1.43bn during the same period of 2018.

Jaber pointed out the success of the ministry’s plan to rationalize imports that have a local counterpart and replace the foreign products by a local one.

He mentioned that six sectors have observed a significant decrease in imports during the first eight months of the current year, including the furniture, books and artistic works, building materials,  chemical products,  leather products, and food products sectors.

The imports of the furniture sector decreased by 61% during the first eight months of 2019, reaching $345m from $883m, while imports of books and artistic works decreased by 24% to reach $19 m, compared to $25m during the same period last year.

Jaber said that there are five countries whose markets accounted for 34% of the total Egyptian exports, including the United States, the UAE, Saudi Arabia, Turkey, and Italy.

On the other hand, Jaber pointed out that there are five countries that accounted for 41.5% of the total Egyptian imports from abroad, including China, the United States, Germany, Italy, and Russia.

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‘Agribusiness Expo’ opportunity to boost Egypt-Indonesia trade relations: Embassy https://wwww.dailynewssegypt.com/2019/09/24/agribusiness-expo-opportunity-to-boost-egypt-indonesia-trade-relations-embassy/ Tue, 24 Sep 2019 11:55:25 +0000 https://ww.dailynewssegypt.com/?p=708954 IPA targets setting Egypt as regional hub for its exports to Africa, EU, says Chairperson

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Th Indonesian embassy to Egypt convened the ‘Agribusiness Expo’ with the participation of about 17 Indonesian companies working on exporting Indonesian products including coffee, tea, palm, coconut oil, and Indonesian fruits.

The Agribusiness Expo and other similar exhibitions in Egypt aim to boost trade relations between both countries, Deputy Chief of Mission at Indonesia’s embassy to Egypt, M Aji Surya, told Daily News Egypt during the event held on 9 September.

Trade exchange between Egypt and Indonesia hiked by 18% during the first quarter (Q1) of 2019 reaching $340m compared to Q1 of 2018, the Indonesian ambassador to Egypt, Helmy Fauzy, told DNE in May 2019.

Egypt and Indonesia are still discussing the suitable timing for signing a Preferential Trade Agreement (PTA) as an initial step before signing a Free Trade Agreement (FTA) to boost trade exchange which hit $1.5bn, M Aji Surya noted, expecting to reach a PTA soon.

For her part, Ir Hj Delima HA chairperson of the Indonesian Plantation Association (IPA) told DNE that her 3,000-member association seeks to increase its exported commodities to Egypt during the next period. “We have members ranging from big, small, and medium companies and we produce commodities like palm oil, coffee, cacao, tea, and several spices,” she added.

The IPA aims to make Egypt its regional hub to fully use its already signed agreements with the European Union (EU) and the African countries’ African Continental Free Trade Agreement (AfCFTA), she stated.

“We want to increase our exports to Egypt and enter other regional markets through Egypt. During our September visit,  I met with a number of Egyptian companies who want to import our products,” she added.

PT Taman Delta Indonesia aims to expand its exports to the Egyptian market, Megawati Krisnadi, export marketing manager at the company, told Daily News Egypt, during her participation at the Agribusiness Expo.

“We export from 15 to 20 containers of coffee to Egypt per month and we want to expand more. We seek to recognise new buyers and importers of our coffee,” she declared, noting that PT Taman Delta Indonesia has just started to export to Egypt in October 2018.

According to the coffee division at Cairo’s Chamber of Commerce, about 70% of Egypt’s coffee imports come from Indonesia where coffee beans are more affordable, but of high quality.

The company is still learning about the Egyptian market and is still considering the establishment of an office in Egypt in the long term, according to Megawati Krisnadi, stating that her company is already exporting to about 15 Egyptian companies.

Indonesia’s Trade Minister, Enggartiasto Lukita, anticipated a 300% annual trade increase with Egypt after signing a PTA, noting that “any trade figure less than $2bn is very low.” Signing the proposed agreement is likely to take place in 2019, the minister told DNE in October 2018.

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Egypt-US trade exchange increases by 8% in 1H 2019: CAPMAS https://wwww.dailynewssegypt.com/2019/09/22/egypt-us-trade-exchange-increases-by-8-in-1h-2019-capmas/ Sun, 22 Sep 2019 20:30:18 +0000 https://ww.dailynewssegypt.com/?p=708734 On the other hand, Egyptian imports from the US rose to $2.7bn in the same period, increasing by 4.1% y-o-y. Top US exports to Egypt are grains and animal feed with $293.7m, while boilers, machinery, equipment, and spare parts recorded $191.8m, meat accounted for $ 165.7m.

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Egypt-United States trade exchange increased by 8% to reach $ 3.7bn in the first half (H1) of 2019, up from to $3.4bn during the same period in 2018.


Egyptian exports recorded $1bn in 1H 2019, up from $841.78m a year earlier, increasing by 19.9% year-over-year (y-o-y). Clothing topped Egyptian exports to the US with $451.1m, fertilisers at $79.2m, $61.7m for carpets and other textiles (excluding clothing), and plastics accounted for $55.4m.

On the other hand, Egyptian imports from the US rose to $2.7bn in the same period, increasing by 4.1% y-o-y. Top US exports to Egypt are grains and animal feed with $293.7m, while boilers, machinery, equipment, and spare parts recorded $191.8m, meat accounted for $ 165.7m.

Meanwhile, US investments in Egypt recorded $1.07bn in H1 of fiscal year (FY) 2018/19, compared to 1.018bn during the same period of the FY 2017/18, an increase of 5.2%.

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Trade war threatens global trade landscape https://wwww.dailynewssegypt.com/2019/09/04/trade-war-threatens-global-trade-landscape/ Wed, 04 Sep 2019 07:15:00 +0000 https://ww.dailynewssegypt.com/?p=707041 The United States is the world’s largest importing country, with $2.6tn, followed by China with $2.1tn. However, the European Union is, collectively, the world’s largest importer, sending $6.5tn on imports.

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September is marked by a new round of tariffs on Chinese imports, which went into effect Sunday. In the latest escalation of the trade war with China, the Trump administration has slapped a 15% tariff on $112bn worth of Chinese goods, something consumers can expect to feel when buying everything from milk to diapers to some China-manufactured tech products like the Apple Watch.

The United States is the world’s largest importing country, with $2.6tn, followed by China with $2.1tn. However, the European Union is, collectively, the world’s largest importer, sending $6.5tn on imports.

As the trade war between the world’s two largest importers (the US and China) carries on, it’s yet to be seen how much of an impact it will have on these countries’ economies.

According to a report from Bloomberg Economics, ongoing uncertainty in the world economy generated by the US-China trade war has more than doubled the financial impact of the Trump administration’s tariffs, coming in at a $585bn hit to global GDP.

The World Trade Organisation (WTO) calculated that between October 16, 2018 and May 15, 2019, there were 20 new restrictions introduced between the world’s most powerful economies, covering trade worth $335.9bn.

This was the second largest spike on record, behind only the preceding period when $480bn worth of trade was affected by new protectionist measures. This means that since the trade war first started in earnest in July 2018, $815.9bn worth of trade has been affected by such measures.

The WTO has been tracking and quantifying “import restrictive measures” since May 2012, and the latest figure is 3.5 times higher than the initial average.

In Egypt’s case, trade deficit declined to $3.34bn in May 2019 compared with $4.42bn in May of 2018, marking a drop of 24.6%, according to the Central Agency for Public Mobilization and Statistics.
Egypt’s imports went down by 14.8% to reach $6.01bn dollars during May 2019, compared to $7.06bn in May 2018.

Exports

When it comes to exports, China is still, by far, the largest exporter in the world. The country exported a total of $2.5tn worth of goods in 2018, beating the US by about $800bn.

The largest US export industries include food and beverage, crude oil, civilian aircraft, auto parts, and industrial machines. China’s top exports include machinery, technology, furniture, plastics, and vehicles.

Collectively, the European Union has the largest export industry — exporting $6.5tn worth of goods in 2018. Furthermore, the top three countries combined (China, the US, and Germany) exported more than the next seven countries combined.

The US and China are part of an ongoing trade war, which could significantly affect the world export industry.

Moreover, the potential impact of the US and China trade war on the global economy could reach other countries that rely on these countries as their major trade partners.

The heart of the matter is Germany, Europe’s largest economy and a key trade partner of both the US and China.

Exports amount to almost half the German economy — 47%, according to the World Bank — as its companies play a dominant role in global markets for luxury autos and complex industrial machinery. Supply chains from Germany extend into neighbouring eurozone countries as well. Thus, Germany remains more vulnerable than less open economies such as Portugal or France to a slowdown in global trade in goods and services. Ironically, trade between Germany and the US and between Germany and China is holding up pretty well. It’s mainly the uncertainty about the outcome of the clash between US and China.

In Egypt’s case, exports increased by 1.6% in May 2019 recording $2.68bn compared with $2.64bn in the same month last year, the CAPMAS added in its monthly bulletin.

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8.8% hike in Egypt’s exports to G7 in 1H19, recording $3.8bn: CAPMAS https://wwww.dailynewssegypt.com/2019/08/24/8-8-hike-in-egypts-exports-to-g7-in-1h19-recording-3-8bn-capmas/ Sat, 24 Aug 2019 21:50:24 +0000 https://ww.dailynewssegypt.com/?p=705996 G7 net investments in Egypt up 5.7% in H1 of FY 2018/19

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Egypt’s exports to Group of Seven (G7) hiked to $3.8bn during the first six months of 2019, up from $3.5bn during the same period of 2018, an increase of 8.8%, according to the Central Agency for Public Mobilization and Statistics (CAPMAS).

The G7 consists of Canada, France, Germany, Italy, Japan, the United Kingdom, and the United States. These countries with the seven largest IMF-described advanced economies in the world, representing 58% of the global net wealth ($37tn), and 46% of the global GDP based on nominal values, and more than 32% of the global GDP based on purchasing power parity.

The United States topped the list of the G7 countries in terms of Egyptian exports, reaching $1bn, followed by Italy with imports valued $951.7m, then the United Kingdom by $719.1m

Moreover, Canada ranked fourth by $341.4m, followed by Germany, France, and Japan by $339.7m, $330.6m, and $83.6m, respectively.

On the other hand, the CAPMAS stated that Egypt’s imports from the G7 in 1H19, recorded $8.7bn, up from $8.5bn during the same period of 2018, an increase of 2%.

Moreover, the United States topped the G7 countries in terms of exports to Egypt in 1H19, by $2.7bn, followed by Germany, Italy, and France by exports valued $2.1bn, $1.5bn, and $861.1m, respectively.

The United Kingdom came in the fifth place by $719.1m, followed by Japan and Canada with exports valued $575.9m and $160m, respectively.

“The value of trade exchange between Egypt and G7 reached $12.4bn in 1H19, compared to $12bn during the same period in 2018, an increase of 4%,” according to CAPMAS.

Regarding the net investments of G7 in Egypt, the CAPMAS showed that the group’s net investments in H1 of the fiscal year (FY) 2018/19 increased to $3.8bn, up from $3.6bn during the same period of the FY 2017/18, an increase of 5.7%.

The United Kingdom ranked first in terms of G7’s investments in Egypt by $2.4bn, followed by the United States, Germany, France, Italy, Japan, and Canada by $1.1bn, $115m, $88.7m, $51m, $16.4m, and $9.4m, respectively.

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Egypt allocates EGP 6bn to stimulate exports in FY 2019/20 https://wwww.dailynewssegypt.com/2019/08/18/egypt-allocates-egp-6bn-to-stimulate-exports-in-fy-2019-20/ Sat, 17 Aug 2019 22:46:08 +0000 https://www.dailynewsegypt.com/?p=705241 Country's non-oil exports record $13.037bn in 1H19, says GOEIC

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Egypt has allocated EGP 6bn in the budget of the fiscal year (FY) 2019/20 to stimulate exports through a new programme to solve the challenges faced by Egyptian exports, according to the Minister of Finance Mohamed Moeit on Saturday.

The allocated amount is divided into EGP 2.4bn in cash assistance, EGP1.8bn to be deducted from the exporting companies’ obligations to the Ministry of Finance, and EGP1.8bn from the allocations of stimulating exports to support infrastructure needed for exports, in order to ensure the presence of the local component in various industrial sectors.

On Friday, the General Organization for Export and Import Control (GOEIC) stated in its report that Egypt’s non-oil exports recorded $13.037bn during the first half (H1) of 2019.

The GOEIC has further explained that the agricultural export council topped the list of exporting councils which witnessed the increase, explaining that the agricultural exports hiked to $1.575bn during the first six months of 2019, up from $1.446bn during the same period last year.

“Followed by the exports of the Egyptian Export Council for Printing, Packaging, Paper, Literary, and Artistic Work, with the exports of books and artistic work hiked to $7.156m during the period from January to June 2019, up from $6.67m during the same period in 2018,” according to the report.

The report noted that the exports of the Food Export Council came third, in which the exports of food industries recorded $1.559bn during the H1 of 2019, compared to $1.469bn during the same period of last year.

Then came in the fourth place the exports of the ready-made garments in which it rose to $800m during the H1 of 2019, then came in the fifth place the exports of medical industries reached $261m during the same period.

On the other hand, the minister said that the government has allocated also EGP 5bn in the budget to establish 13 industrial complexes.

He assured that the government is paying special attention to the small, medium and micro enterprises, noting that the new draft law for the small, medium, and micro enterprises, includes tax and customs incentives; explaining that this vital sector plays a great role in supporting the national economy.

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24.6% decline in Egypt’s trade deficit in May https://wwww.dailynewssegypt.com/2019/08/06/24-6-decline-in-egypts-trade-deficit-in-may/ Tue, 06 Aug 2019 18:49:03 +0000 https://www.dailynewsegypt.com/?p=704655 Egypt's exports hiked by 1.6% in May, reaching $2.68bn

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Egypt’s trade deficit declined 24.6% during May, recording $3.34bn, down from $4.42bn during the same period last year, according to the Central Agency for Public Mobilization and Statistics (CAPMAS).

It added in its monthly bulletin of foreign trade in May that Egypt’s exports hiked by 1.6% during May, reaching $2.68bn, up from $2.64bn for the same month of previous year.

The CAPMAS attributed the increase to the increased value of some commodities such as fertilisers by 27.5%, ready-made clothes by 2.8%, and plastics in their primary forms by 33.8%.

On the other hand, the CAPMAS noted that the exports value of some commodities decreased during May 2019, in comparison with the same period last year, including crude oil by 30.9%, fresh fruits by 43.3%, and furniture by 21.2%.

In terms of Egypt’s imports, the CAPMAS said that Egypt’s imports decreased by 14.8%, recording $6.01bn during May, versus $7.06bn for the same month of previous year, due to the decreased value of some commodities such as raw materials of iron or steel by 32.3%, plastics in their primary forms by 1.6%, organic and inorganic chemicals by 13.6%.

Meanwhile, imports of some commodities increased in May, versus the same month of previous year, such as soybean by 6.0%, meat by 2.3%, and wood and articles thereof by 4.4%.

Egypt’s government has been targeting achieving a great boost in its exports, but despite the improvements, the exports performance remains below its potential.

Compared to other middle-income countries that started at the same level or below in the early 2000s, Egypt’s exports-to-GDP ratio remains much lower, according to the latest World Bank’s Egypt Economic Monitor report in July.

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Egyptian business delegation to visit Ghana in September to promote exports https://wwww.dailynewssegypt.com/2019/07/28/egyptian-business-delegation-to-visit-ghana-in-september-to-promote-exports/ Sun, 28 Jul 2019 12:13:26 +0000 https://www.dailynewsegypt.com/?p=703681 The council’s delegation will include 25 Egyptian companies, and aims to maximise the competitiveness of Egyptian various products in international markets, and learn about investment and export opportunities available in Ghana, Abu Al-Makarem added in a press statement

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Khaled Abu Al-Makarem, chairperson of the Chemical and Fertilizers Export Council, announced organising the council’s second visit to Ghana on 22-27 September to promote Egyptian exports.

The council’s delegation will include 25 Egyptian companies, and aims to maximise the competitiveness of Egyptian various products in international markets, and learn about investment and export opportunities available in Ghana, Abu Al-Makarem added in a press statement.

Executive Director of the Chemical and Fertilizers Export Council, Waleed Azab, said the visit will see bilateral meetings between Egyptian and Guinean companies, field visits to some companies’ headquarters in Ghana, a seminar on trade and investment in Ghana.

A preparatory delegation from the council will be sent to Ghana on 17-23 August to prepare for the visit in coordination with the Egyptian Trade Representation Office in Ghana, Azab added.

He continued that this preparatory delegation will prepare studies of the Ghanaian market.

Azab assured that the Egyptian-Ghanaian relations are strong and diverse, noting that there is an impressive presence for some Egyptian companies operating in the Ghanaian market, notably the Arab Contractors, El Nasr Export & Import Company, El Sweedy Electric, Wadi Degla, Eurogate, and EFG Hermes.

Egyptian exports to Ghana witnessed a remarkable development during 2018 recording $90.6m, up from $63.3m in 2017, an increase of 43%.

On the other hand, Egypt’s imports from Ghana declined in 2018 to reach $10.5m, down from $11m in 2017.

Furthermore, the trade exchange between the two countries recorded $101.2m in 2018, up from $17.4m in 2017, a hike of 36%.

Ghana ranked fourth in terms of the top countries importing Egyptian products, following Kenya, Nigeria, and Ethiopia.

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Egypt’s exports to France hike by 49% in 2018: EDA https://wwww.dailynewssegypt.com/2019/07/28/egypts-exports-to-france-hike-by-49-in-2018-eda/ Sun, 28 Jul 2019 06:30:33 +0000 https://www.dailynewsegypt.com/?p=703664 Egypt's exports to France reach $862m, up from $578m in 2017, according to Youssef

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Egypt’s exports to France increased by 49% in 2018, reaching $862m, up from $578m in 2017, according to Khaled Youssef Head of Export Development Authority (EDA).

Youssef added during his visit with the EDA`s delegation to Paris, that this increase in the Egyptian exports to France subsequently led to a decrease in the trade deficit between the two countries by 27%.

According to Egypt State Information Service, in general, Egypt’s main exports to France were petrol, natural gas, fertilisers, ready-made garments, textiles, plastic products, vegetables and fruits, ceramics.

Meanwhile the main imports are wheat and grain, equipment, electronic machinery, pharmaceutical products and derivatives, and cars.

Head of Export Development Authority (EDA), Khaled Youssef added during his visit with the EDA`s delegation to Paris, that this increase in the Egyptian exports to France subsequently led to a decrease in the trade deficit between the two countries by 27%.

According to the EDA`s statement, a delegation from the EDA`s visited Paris with the aim of transferring the French technological expertise to the national industry, in order to increase its exports and enhance its competitiveness in international markets and to learn about modern industrial developments and their impact on exports.

The visit comes within the framework of the cooperation between the EDA and the Trade and Domestic Market Enhancement Programme (TDME) that is funded by the European Union.

“The main objective of the visit is to benefit from the French experience and expertise in the Fourth Industrial Revolution, which is based on new technologies and innovation,” Youssef explained.

He pointed out that the visit was also aimed at contributing to the building of a more competitive national industry, especially since France possesses a large group of industrial transformation techniques based on digital revolution, information technology, and industrial intelligence, which will subsequently contribute to increasing the competitiveness of Egyptian exports to foreign markets.

Youssef revealed that he visited the French Ministry of Economy to discuss ways of cooperation between France and Egypt in the field of the Fourth industrial revolution, and its impact on the exports` development.

He stated that he held meetings with a number of French authorities working in the fields of modern technology, innovation and business development.

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Volume of Egypt’s trade exchange with UAE in 2018 stands at $5.5bn https://wwww.dailynewssegypt.com/2019/07/21/volume-of-egypts-trade-exchange-with-uae-in-2018-stands-at-5-5bn/ Sun, 21 Jul 2019 14:46:09 +0000 https://www.dailynewsegypt.com/?p=703166 The UAE`s imports from Egypt hiked by 10.5% in 2018, recording $2.1bn, up from $1.9bn the previous year.

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The volume of trade exchange between the United Arab Emirates (UAE) and Egypt increased by 14% in 2018, recording $5.48bn during the year 2018, compared to $4.8bn in 2017, according to the UAE Ministry of Economy.

The UAE`s imports from Egypt hiked by 10.5% in 2018, recording $2.1bn, up from $1.9bn the previous year.

Meanwhile, the UAE`s non-oil exports to Egypt increased by 45%, reaching $1.09bn in 2018, compared to only $0.75 in 2017.

Furthermore, the re-exportation value hiked to reach $2.48bn, compared to $1.97bn, a hike of 25%.

Phones came at the forefront of re-exports, followed by jewellery, and its parts.

In terms of the UAE’s total direct investments in Egypt, Sharif Al Badawi, the Egyptian ambassador to the UAE, said that it reached AED 30bn of which AED 24.3bn ($6.6bn) are in existing investments, while others worth about AED 5.5bn ($1.5bn) are still going, reported the UAE’s local newspaper, Al-Ittihad.


“UAE investments have been distributed in many sectors, including infrastructure, telecommunications, banking, real estate, retail, and industry,” he said.

He mentioned that by the end of last year, the number of UAE companies operating in Egypt exceeded 877 companies operating in 15 different economic sectors.

Notably, the UAE’s investments in Egypt are the largest among Arab countries and the most diversified.

UAE companies investing in Egypt include Majid Al Futtaim Group; Emirates Telecommunications Corporation; Emaar; DP World; Dubai Investments; Dana Gas; Agricultural Phenomenon; Gulf Sugar; Galfar; Thani Investments llC, and others.

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Hike by 126.4% in Egypt’s exports to Jordon during Q1 of 2019 https://wwww.dailynewssegypt.com/2019/07/16/hike-by-126-4-in-egypts-exports-to-jordon-during-q1-of-2019/ Tue, 16 Jul 2019 07:00:42 +0000 https://www.dailynewsegypt.com/?p=702813 Egypt's trade office in Jordon added in its economic report that the trade exchange between the two countries during the first quarter (Q1) of 2019 hiked by about 108.2%, recording $408.6m.

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Egypt’s exports to Jordan increased by 126.4% during the period from January to April 2019, recording $367.1m, compared to only $126.4m during the same period of 2018, according to Egypt’s trade office in Jordon.

Egypt’s trade office in Jordon added in its economic report that the trade exchange between the two countries during the first quarter (Q1) of 2019 hiked by about 108.2%, recording $408.6m.

The report mentioned that the trade balance between the two countries recorded a surplus in favour of Egypt by $325.6m.

“On the other hand, the value of Egyptian imports from Jordan during the period from January to April, increased by 22.7%, recording $41.5m,” according to the report.

Orange, cheese, TV sets, chicken stock, and frozen french-fries topped the list of Egypt’s exports to Jordon.

Meanwhile, natural potassium salts, veterinary vaccines, mineral fertilisers, and medicines topped the list of Egypt’s imports from Jordon.

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Brazil’s exports to Egypt worth $791.53m during H1 of 2019: ABCC https://wwww.dailynewssegypt.com/2019/07/15/brazils-exports-to-egypt-worth-791-53m-during-h1-of-2019-abcc/ Mon, 15 Jul 2019 07:40:25 +0000 https://www.dailynewsegypt.com/?p=702712 Brazilian imports from Arab states grow by 11.5% to reach $3,521.08m in H1 of 2019

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Brazil’s exports to Egypt recorded $791.53m during the first six months of the year, in which Egypt bought 2,765.66 thousand tonnes of Brazilian commodities, according to latest figures released by the Arab-Brazilian Chamber of Commerce (ABCC).

The ABCC revealed that Egypt exported 5 42.68 thousand tonnes of goods worth $135.98m to Brazil.

Furthermore, the ABCC stated that Brazil’s total exports to Arab countries jumped 15.1% during the first six months of the year to hit the $6bn mark.

On the other hand, it showed that the Brazilian imports from the Arab states were also strong during the same period, growing at 11.5% to reach $3,521.08m.

The ABCC mentioned that soybeans, iron, oil, sugar, and vehicles continued to be among the Arab region’s top imports from Brazil, sustaining the growing demand from both the regional industrial sector and the consumer market.

Moreover, the ABCC revealed that the Brazilian trade balance with Arab countries reached $2,390m during the first half (H1) of 2019. Commenting on this, Rubens Hannun, president of ABCC, said that the surge in Brazil’s exports and imports during H1 of 2019 proved anew the growing trade relations between the country and its trade partners in the Arab world.

“We are confident that their ties will only grow stronger in the coming months as we expect to see the Arab markets’ demand for Brazilian commodities to continue to rise towards H2 of the year,” he added.

“The region remains confident in Brazil’s socio-economic potentials, citing its promising economic programmes that will drive more trade opportunities in the coming years. At ABCC, we will reinforce our efforts to further facilitate trade activities and open up effective communication channels between concerned parties,” Hannun concluded.

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