Trade – Daily News Egypt https://wwww.dailynewssegypt.com Egypt’s Only Daily Independent Newspaper In English Tue, 18 Feb 2020 06:46:46 +0000 en-US hourly 1 https://wordpress.org/?v=4.9.1 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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Egypt’s exports to regional blocs increase 6.6% in 2018: CAPMAS https://wwww.dailynewssegypt.com/2019/07/03/egypts-exports-to-regional-blocs-increase-6-6-in-2018-capmas/ Wed, 03 Jul 2019 07:00:17 +0000 https://www.dailynewsegypt.com/?p=701606 In its annual bulletin of Egypt’s trade exchange in 2018, the CAPMAS added that Egypt’s exports to GAFTA topped the list, valued at $9.4bn in 2018, down from $9.8bn in 2017, a decrease of 3.5%.

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Egypt’s exports to regional blocs, including United Nations Economic and Social Commission for West Asia (ESCWA), Community of Sahel-Saharan States, COMESA, Group of 15, Greater Arab Free Trade Area (GAFTA), and D-8 Organization for Economic Cooperation, increased by 6.6% reaching $28.7bn in 2018, up from $26.9bn in 2017, according to the Central Agency for Public Mobilization and Statistics (CAPMAS).

In its annual bulletin of Egypt’s trade exchange in 2018, the CAPMAS added that Egypt’s exports to GAFTA topped the list, valued at $9.4bn in 2018, down from $9.8bn in 2017, a decrease of 3.5%.

Moreover, the CAPMAS revealed that COMESA ranked last, as Egypt’s exports to the African bloc reached $1.9bn last year.

On the other hand, the total value of Egypt’s imports from these blocs reached $36.8bn in 2018, up from $30.6bn in 2017, an increase of 20.4%.

“Egypt’s imports from GAFTA ranked first, valued at $12.9bn in 2018 versus $9.8bn in 2017, an increase of 32.2%,” the CAPMAS revealed.

Furthermore, the CAPMAS also disclosed that Egypt’s imports from COMESA ranked last, valued at $1.0bn in 2018, up from $0.6bn in 2017, an increase of 64.4%.

The report also addressed Egypt’s trade exchange with other blocs that do not include Egypt, including European Union (EU), North American Free Trade Agreement (NAFTA), European Free Trade Association (EFTA), Association of Southeast Asian Nations (ASEAN), and Southern Common Market (MERCOSUR). Egypt’s exports to these blocs reached $12bn in 2018, up from $10.1bn in 2017, a hike of 18.7%.

Egypt’s exports to EU ranked first, reaching $9.0bn in 2018. While the Egyptian exports to EFTA came at last place with a total value of $0.2bn in 2018 versus $0.4bn in 2017, a decrease of 38.4%.

“Total value of Egypt’s imports from the aforementioned blocs reached $37.2bn in 2018 against $32.6bn in 2017, an increase of 14.1%,” the CAPMAS reported.

It also revealed that Egypt imports from EU ranked first, valued at $21.8bn in 2018, up from $20.1bn in 2017, an increase of 8.8%.

The EFTA’s exports to Egypt came in last place, with a total value of $1.6bn in 2018, compared to $0.9bn in 2017, an increase of 67.1%.

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CBE launches risk insurance company for exports to Africa before year-end https://wwww.dailynewssegypt.com/2019/07/03/cbe-launches-risk-insurance-company-for-exports-to-africa-before-year-end/ Tue, 02 Jul 2019 22:47:18 +0000 https://www.dailynewsegypt.com/?p=701617 El-Shaarawy told Daily News Egypt that the bank is currently completing the regulatory and structural framework of the company, determining shareholders’ stakes, and the CBE’s contribution in the company.

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The Central Bank of Egypt (CBE) is preparing to launch risk insurance company for exports to Africa before the end of December 2019, Ramy El-Shaarawy, general department head banking reform sector at the CBE, said on Tuesday.

El-Shaarawy told Daily News Egypt that the bank is currently completing the regulatory and structural framework of the company, determining shareholders’ stakes, and the CBE’s contribution in the company.


He added that there are several sectors, such as electrical appliances and garments, that can compete in the African market.


Naglaa Nozahie, CBE governor’s advisor for African affairs and supervisor of the economic research sector, said earlier that intra-Africa trade currently stands at 17%, compared to 85% in the intra-EU trade.

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Egypt has not yet benefited from its trade agreements with Africa: Industry Minister https://wwww.dailynewssegypt.com/2019/07/03/egypt-has-not-yet-benefited-from-its-trade-agreements-with-africa-industry-minister/ Tue, 02 Jul 2019 22:36:52 +0000 https://www.dailynewsegypt.com/?p=701614 “We aim to increase Egyptian exports to Africa to 4% of continent’s imports,” says Nassar

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Egypt has not yet benefited from its trade agreements with Africa, the Minister of Trade and Industry, Amr Nassar, said on Tuesday.

“Africa’s imports from Egypt represent only 1% of the continent’s total imports from all over the world, which is very low and does not commensurate with the trade agreements signed between Egypt and many African countries,” Nassar stated during his participation in the Foreign Trade Bridges Conference for Central and Eastern African Markets.

He pointed out that the volume of Egyptian exports to Africa should be increased to reach 3-4% of the continent’s imports in the coming period.

“Egypt’s trade exchange with Africa should be improved through developing the freight transport in the continent, which is one of the big challenges the Egyptian products face in Africa, especially in light of the fierce competition with the major powers in the global trading system,” Nassar said.

He explained that the low supply of goods and the long time to export to Africa are the biggest problems that hinder Egyptian exports to Africa, pointing out that Egypt should build Egyptian warehouses continentwide, provide direct shipping, and expand in marketing to identify the opportunities available in Africa.

He revealed that the ministry is currently negotiating with major companies in Eastern Europe, Central Asia, and Russia to enter their products to the African market.

He noted that this cooperation will contribute to attracting new investments from these countries to Egypt, and they will benefit from the value-added to their products and from the Egyptian-African trade agreements in addition to the direct shipping.

Nassar added that the ministry seeks to support African countries in the industrial field through establishing industrial bases on their territories benefiting from the Egyptian expertise, especially in the field of manufacturing industries, as well as assembling some Egyptian products in their markets and help them to access new foreign markets.

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Egypt’s trade exchange with Indonesia hikes by 18% during Q1 of 2019 https://wwww.dailynewssegypt.com/2019/05/28/egypts-trade-exchange-with-indonesia-hikes-by-18-during-q1-of-2019/ Tue, 28 May 2019 21:52:05 +0000 https://www.dailynewsegypt.com/?p=699349 Business mission likely to visit Egypt in September, says Indonesian ambassador

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The volume of trade exchange between Egypt and Indonesia hiked by 18% during the first quarter (Q1) of 2019 reaching $340m comparing to Q1 of 2018’s data, the Indonesian ambassador to Egypt, Helmy Fauzy, said, adding that both exports and imports from Egypt are improving.

Egyptian authorities are discussing inking a Preferential Trade Agreement (PTA) with Indonesia as an initial step before inking a Free Trade Agreement (FTA) to boost trade exchange which exceeded $1.5bn in 2018, the ambassador told Daily News Egypt during the iftar event which the embassy organised on Monday, expecting trade exchange to hike by the end of 2019.

Notably, the PTA includes reducing tariffs for certain products to the countries who sign the agreement while the FTA is a treaty which facilitates trade through completely eliminating tariffs.

On 30 October 2018, 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.”

The Indonesian ambassador also welcomed the African Continental Free Trade Area (AfCFTA) that will come into force by 30 May. When operational, the AfCFTA will be the largest free trade bloc in the world, as it includes all but three of Africa’s 55 countries, creating a free trade area, according to the African Union (AU).

Indonesian companies’ interest in the Egyptian market is increasing, the ambassador noted, mentioning, “PT Perkebunan Nusantara Holding (PTPN) company visited Egypt last year where they affirmed their plans to set up an office for the company in Egypt. PTPN wants to use the Suez Canal Zone as a hub for the processing of palm oil.”

A business mission from Indonesia is planned to visit Egypt from 15 to 16 September, the ambassador said, adding that the mission will be a cross-sector one.

Additionally, the majority of Indonesians accepted the results of the elections while a splinter group wants to create disorder because they weren’t able to win the elections, the ambassador noted.

“Small groups of people like Hizb ut-Tahrir rejected the elections as they promote the idea of khilafah so they reject democratic choices. One leading Indonesian newspaper said that about 90% of the people accepted the elections results,” the ambassador elaborated.

The Indonesian election commission said last week that president Joko Widodo had won the re-election with 55% of the vote on 17 April, in a poll that is widely regarded as free and fair, according to global media reports.

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Egypt’s non-petroleum exports increase by 19% to Indonesia https://wwww.dailynewssegypt.com/2019/05/27/egypts-non-petroleum-exports-increase-by-19-to-indonisia/ Mon, 27 May 2019 10:25:16 +0000 https://www.dailynewsegypt.com/?p=699137 Additionally, palm oil exports in its solid form recorded a decrease of $43.7m, with a drop of 47.6%, in addition to natural rubber, which decreased by 6.8%

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Egyptian non-petroleum exports recorded $138m, an increase of 19% in 2018, compared to 2017. In contrast, Egyptian imports from Indonesia declined during 2018 to $1.33bn, with a decrease of 7.6%.

Egyptian Commercial Service Office (ECS) head, Ahmed Antar, said that the value of Egyptian exports witnessed a significant increase, including non-phosphate or chemical fertilisers of $42m, an increase of 13%; calcium phosphate and aluminum exports of $28m, an increase of 4.7%; dates exports of $22m, an increase of 60%; and sugar molasses of $15m, an increase of 32%.

Antar pointed out that the value of Egyptian imports from Indonesia decreased to $1.33bn, a decline of 17.6% compared to 2017, attributing this to the decline in imports of several products derived from palm oil, which present 10 products of the top 50 products in Egyptian imports from Indonesia.

Additionally, palm oil exports in its solid form recorded a decrease of $43.7m, with a drop of 47.6%, in addition to natural rubber, which decreased by 6.8%.

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Egyptian cotton exports hike by 52.6% in Q2 of agricultural season 2018/19: CAPMAS https://wwww.dailynewssegypt.com/2019/05/26/egyptian-cotton-exports-hike-by-52-6-in-q2-of-agricultural-season-2018-19-capmas/ Sun, 26 May 2019 15:14:10 +0000 https://www.dailynewsegypt.com/?p=699091 The CAPMAS explained in its 2019 quarterly bulletin of cotton that this increase is due to an increase in cotton production.

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Egyptian cotton exports reached 579,300 metric Kantar during the second quarter (Q2) of the agricultural season 2018/19 that starts from December 2018 and ends in February 2019, up from 379,700 metric Kantar during the same period of the previous season, an increase of 52.6%, according to Central Agency for Public Mobilization and Statistics (CAPMAS).

The CAPMAS explained in its 2019 quarterly bulletin of cotton that this increase is due to an increase in cotton production.

It also stated that the total amount of domestic consumed cotton reached 36,600 metric Kantar during Q2 of the agricultural season 2018/19, down from 47,200 metric Kantar in the same period of the previous season, a decline of 22.5% due to the fact that some spinning factories stopped working.

Furthermore, the CAPMAS disclosed that the amount of ginned cotton reached 1.5m metric kantar during the period from December 2018 to February 2019, compared to 0.8m metric Kantar in the same period of the previous season, an increase of 80.1%.

The agency explained that this increase is due to the decrease in sold ginned quantities during the same period.

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Egypt’s trade deficit declines by 2.7% in February https://wwww.dailynewssegypt.com/2019/05/13/egypts-trade-deficit-declines-by-2-7-in-february/ Mon, 13 May 2019 20:12:28 +0000 https://www.dailynewsegypt.com/?p=698003 Egypt trade deficit reached $3.63bn in February 2019, versus $3.72bn in the same month of the previous year, a decrease of 2.7%.

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The Central Agency for Public Mobilization and Statistics (CAPMAS) issued on Monday the monthly bulletin of “Foreign Trade Data” for February 2019.

The exports’ value increased by 2.2%, reaching $2.48bn during February 2019, versus $2.43bn in February 2018, due to the increase of some commodities’ value, mainly as crude oil by 13.0 %, plastics in their primary form by 29.6%, potatoes by 27.9%, and fresh fruits by 94.2%.

On the other hand, the export value of other commodities decreased during February 2019, compared to February 2018, such as ready-made garments by 4.1%, fertilisers by 5.5%, fresh oranges by 67.8%, and carpets by 9.5%.

The import value also decreased by 7.0% as it reached $6.11bn during February 2019, versus $6.15bn in February 2018, due to the decline of some commodities’ value such as petroleum products by 25.5%, raw materials including iron or steel by 26.5%, cars by 2.0%, and soybeans by 0.9%.

However, the import value of some commodities increased in February 2019, compared to February 2018, including plastics in their primary forms by 15.1%, pharmaceuticals and pharmaceutical preparations by 48.4%, meat by 37.7%, and organic and inorganic chemicals by 4.9%.

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Brazil’s exports to Arab region hit $3.15bn mark in Q1 2019 https://wwww.dailynewssegypt.com/2019/04/27/brazils-exports-to-arab-region-hit-3-15bn-mark-in-q1-2019/ Sat, 27 Apr 2019 19:24:18 +0000 https://www.dailynewsegypt.com/?p=696845 Total exports to Arab countries at 11.5m tonnes of goods combined

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Brazil’s exports to the Arab region grew to $3.15bn during the first quarter (Q1) of 2019, up from $2.75bn recorded during the same period last year, according to the latest figures released by the Arab-Brazilian Chamber of Commerce (ABCC).

Total exports to Arab countries reached 11.5m tonnes combined during the first three months of the year, a major jump from 9.1m tonnes recorded during the same months in 2018.

The breakdown of data showed that 3.3m tonnes of imported Brazilian products worth $240.37m went to Oman. Bahrain imported 2.3m tonnes of commodities valued at$173.22m from Brazil, while Egypt’s purchase of 1.63m tonnes of products was valued $412.04m. A total of 711.67 thousand tonnes of goods amounting to $479.20m and 650.23 thousand tonnes of products worth $794.53m went to Saudi Arabia and the UAE, respectively.

Rubens Hannun, president of the ABCC, said: “The increasing Brazilian export volume to the Arab world is a result of the strengthened trade relations between the region and the South American country. It also reflects Brazil’s global economic resilience in the midst of challenges. We foresee stronger demand for Brazilian commodities in the Arab world in the coming quarters of the year as the region continues to implement economic programmes to expand trade opportunities and experience steady socio-economic development.”

Iron, maize (corn), sugar, and chicken and bovine meat, and aircrafts were among the Arab region’s top imports from Brazil, sustaining its growing demand both from the industrial sector and the consumer market. The value of chicken meat exported to Arab countries during the period hit the $580.36m mark, while bovine meat reached $275.39m, during the Q1 of 2019.

The leading exported products were meat and edible offal, iron ores and concentrates, including roasted iron pyrites, cane or beet sugar and chemically pure sucrose, in solid form, aircrafts (helicopters and airplanes), spacecrafts ( satellites), and suborbital and spacecraft launch vehicles. corn; turbo-jets, turbo-propellers and other gas turbines, and tubes, pipes, and hollow profiles, seamless, of iron (other than cast iron) or steel.

“We will maintain our efforts to facilitate interaction between these markets and improve their trade relations by establishing effective channels of business communications. The growing popularity and demand for Brazilian products in the region is a reflection of the excellent quality of commodities from the country, whether they be foodstuff or engineering items,” Hannun added.

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Trade exchange between Egypt, Tunisia to increase to $500m https://wwww.dailynewssegypt.com/2019/04/21/trade-exchange-between-egypt-tunisia-to-increase-to-500m/ Sun, 21 Apr 2019 17:38:31 +0000 https://www.dailynewsegypt.com/?p=696411 Tunisian team will not feel alienated in Egypt, says Tunisian ambassador in Cairo

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Mohsen Adel, chairperson of the General Authority for Investment and Free Zones (GAFI), proposed forming an industrial partnership between Egypt and Tunisia in some products, with the aim of exporting them to other countries.


During the second session of the Egyptian-Tunisian Business Council, Adel said that investment opportunities and the expansion of trade exchange between the two countries are great, and need to be exploited in order to activate the agreements signed between the two countries.


While Gabr Al-Hawat, head of the Tunisian side of the Joint Business Council, stressed that the businessmen of the two countries agreed on the importance of increasing trade exchange between the two countries to $500m.


On the other hand, Tunisia’s ambassador to Cairo, Najib Al-Munif, said relations between the two countries would not be affected by the statement issued by the Tunisian Football Federation and expressed his objection to ignoring Tunisia’s achievement in winning the 2004 Africa Cup of Nations in the documentary film presented during the AFCON draw in Egypt on 21 June, as well as on the Suez Stadium which has not yet been equipped to host the tournament.


Al-Munif told Daily News Egypt: “Such affairs would not affect bilateral relations, it is concerned only with football federations in both countries, I want to emphasise that the relationship between Egypt and Tunisia is wonderful, and I trust that the Tunisian team will be in Egypt as if in his country, and will never feel alienated.”


The Egyptian Federation has responded to the criticism of the Tunisian Football Federation, that all stadiums will be ready before the start of the tournament, and work continues in the stadiums under maintenance.


Tunisia were drawn in Group E against Mali, Mauritania, and Angola, which will play at the Suez Stadium.

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Trade exchange between Egypt, Greece records €1.8bn in 2018 https://wwww.dailynewssegypt.com/2019/04/17/trade-exchange-between-egypt-greece-records-e1-8bn-in-2018/ Wed, 17 Apr 2019 20:02:07 +0000 https://www.dailynewsegypt.com/?p=696213 The trade exchange between Egypt and Greece increased in 2018 by 37.5%, reaching €1.8bn, compared to €1.3bn in 2017, the Minister of Trade and Industry of Egypt, Amr Nassar, stated on Wednesday. He continued that Egypt’s exports to Greece increased by 15.3% over the past year, reaching €640m, up from €555m in 2017. His remarks …

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The trade exchange between Egypt and Greece increased in 2018 by 37.5%, reaching €1.8bn, compared to €1.3bn in 2017, the Minister of Trade and Industry of Egypt, Amr Nassar, stated on Wednesday.

He continued that Egypt’s exports to Greece increased by 15.3% over the past year, reaching €640m, up from €555m in 2017.

His remarks came during his meeting with Greece’s Deputy Prime Minister, Yannis Dragasakis,

which dealt with the future of economic cooperation between the two countries, in addition to discussing a number of issues on the global agenda during the current stage.

For his part, Dragasakis stressed the importance of strategic relations between the two countries, which extended to the tripartite cooperation between Egypt, Greece, and Cyprus, pointing to the interest of European countries – especially the East – to find opportunities for cooperation both in Egypt and African countries.


He reviewed the development of economic conditions in Greece following its exit from the aid programme of the International Monetary Fund and the European Union, where Greece was able to have surplus in the state budget which allowed it to pay its debts until 2023.

“Greece is currently putting in place new legislative frameworks to attract more investments, as well as studying the establishment of a Greek Development Bank, to finance projects,” he added.


“Greece is also considering setting up joint investment funds, as what it has done with the UAE, with the aim of funding joint ventures,” he continued.

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