Trade – Daily News Egypt https://wwww.dailynewssegypt.com Egypt’s Only Daily Independent Newspaper In English Tue, 15 Oct 2019 19:43:27 +0000 en-US hourly 1 https://wordpress.org/?v=4.9.1 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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Egypt-US trade exchange, economic cooperation prospects versus challenges https://wwww.dailynewssegypt.com/2019/04/08/egypt-us-trade-exchange-economic-cooperation-prospects-versus-challenges/ Mon, 08 Apr 2019 09:00:41 +0000 https://www.dailynewsegypt.com/?p=695308 Possibility of free trade agreement between Egypt, US was one of the most prominent files receiving support from Egyptian business community, says Mohanna Egypt’s trade exchange with the United States rose to $7.54bn in 2018, according to latest US Census Bureau data, marking 34.16% increase compared to 2017. In 2018, Egypt’s exports increased by 26.93%, …

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Possibility of free trade agreement between Egypt, US was one of the most prominent files receiving support from Egyptian business community, says Mohanna

Egypt’s trade exchange with the United States rose to $7.54bn in 2018, according to latest US Census Bureau data, marking 34.16% increase compared to 2017.

In 2018, Egypt’s exports increased by 26.93%, while its imports rose by 51.77%. The US surplus with Egypt was $2.58bn.

Egypt ranked 53rd among the United States’ top trade partners through the current period. In the same period one year ago, Egypt ranked 58th.

The top five US exports to Egypt by value in 2018, were soybeans, corn, coal, briquettes, scrap iron, steel, and petroleum gases, other gaseous hydrocarbons. They accounted for 43.71% of total exports to Egypt.

While the value of the top five categories of US imports from Egypt include oil, gasoline, other fuels, men’s or boys’ slacks, suits, not knit, sweaters, pullovers, vests, knit or crocheted, and women’s or girls’ suits, not knit, accounting for 52.7% of all inbound shipments.

According to Omar Mohanna, chairperson of the Egypt-US Business Council, the possibility of a free trade agreement between Egypt and US was one of the most prominent files receiving support from the Egyptian business community.

Tarek Tawfik, chairperson of the American Chamber of Commerce (AmCham) in Egypt, said that starting negotiations on the free trade agreement will contribute toward enhancing the Egyptian trade system through fixing the process of specifications, customs, and eliminating of impeding measures, therefore, the agreement will enhance the competition and the development process.

However, a US Department of State official, told Daily News Egypt earlier that a free trade agreement between the two countries is not currently on the table, adding, “We are aware of the importance of this file for the Egyptian side and we want to support and encourage it, but we cannot seriously think about it unless the Egyptian government, for its part, removes many of the obstacles that prevent this.”

“Enforcing property rights and removing tariff barriers are perquisites to a free trade agreement,” he explained.

Moreover, the source pointed out that some obstacles which hinder initiating the debate on the free trade file are the customs. He pointed out that US companies greatly suffer from the customs’ bureaucracy.

Looking more closely at US exports to Egypt:

  • Soybeans rose 219.22% compared to last year to $1.16bn.
  • Corn rose 929% compared to last year to $322.58m.
  • Coal, briquettes rose 50.15% compared to last year to $273.23m.
  • Scrap iron, steel rose 121.54% compared to last year to $261.75m.
  • Petroleum gases, other gaseous hydrocarbons rose 8.05 percent compared to last year to $188.95m.

Looking more closely at US imports from Egypt:

  • Oil rose 184.44% compared to last year to $458.5m.
  • Gasoline, other fuels rose 1105.87% compared to last year to $363.95m.
  • Men’s or boys’ slacks, suits, not knit rose 11.77% compared to last year to $198.58m.
  • Sweaters, pullovers, vests, knit or crocheted rose 34.59% compared to last year to $157.9m.
  • Women’s or girls’ suits, not knit rose 2.36% compared to last year to $128.81m.

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Egypt’s trade deficit increases by 14.1% in December 2018 https://wwww.dailynewssegypt.com/2019/03/12/egypts-trade-deficit-increases-by-14-1-in-december-2018/ https://wwww.dailynewssegypt.com/2019/03/12/egypts-trade-deficit-increases-by-14-1-in-december-2018/#respond Tue, 12 Mar 2019 17:34:20 +0000 https://www.dailynewsegypt.com/?p=692752 Exports hike by 2.1% in same period, says CAPMAS

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Egypt’s trade deficit reached $3.87bn in December 2018, up from $3.39bn in the same period of 2017, an increase of 14.1%, according to the Central Agency for Public Mobilisation and Statistics (CAPMAS).

Prime Minister Mostafa Madbouly announced earlier this month that the government is determined to implement a new strategy to increase the volume of Egyptian exports, as this will create more jobs, expand production, and increase the country’s foreign exchange revenues, thus improving the country’s trade balance.

The agency’s monthly bulletin of Foreign Trade Data in December 2018 showed that the exports’ value increased by 2.1%, reaching $2.57bn during December 2018, compared to $2.52bn in December 2017.

It added that this increase in exports is due to an increase in the value of some commodities, such as ready-made clothes, plastics in their primary forms, and fresh orange among others.

“While the exports’ value of some commodities decreased during December 2018, compared to the same month of the previous year, such as crude oil, fertilisers, and fresh fruits,” the CAPMAS added.

It stated that the exports’ value of ready-made clothes, plastics in their primary forms, and fresh orange increased in December 2018 by 10.4%,10.2%, 40.2%, respectively.

On the other hand, the CAPMAS stated that imports’ value increased by 9.0%, reaching $6.44bn during December 2018, up from $5.91bn during the same month of 2017.

It explained that this increase in exports is due to an increased value of some commodities, such as cars rising by 28.7%, plastics in their primary forms by 7.4%, pharmaceutical products by 24.3%, and organic and inorganic chemicals by 4.4%.

Meanwhile, imports of some commodities decreased in December 2018, compared to the same month of 2017, such as raw materials of steel by 28.2%, wheat by 1.1%, meat by 14.4%, and crude oil by 46.8%.

Notably, Egypt’s cabinet spokesperson, Nader Saad, stated last Friday that the state’s strategy includes increasing the value of exports from $24.8bn currently to $55bn, an increase of $30.2bn.

Saad noted that they also aim to increase the number of new manufacturers and commercial exporters, in addition to expanding the number of existing manufacturers, as well diversifying the products and services exported and subsequently increasing their competitiveness.

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Nile Garden targets EGP 140m exports in 2019 https://wwww.dailynewssegypt.com/2019/03/02/nile-garden-targets-egp-140m-exports-in-2019/ https://wwww.dailynewssegypt.com/2019/03/02/nile-garden-targets-egp-140m-exports-in-2019/#respond Sat, 02 Mar 2019 10:30:40 +0000 https://www.dailynewsegypt.com/?p=691556 Plan to double production capacity to 8,000 tonnes this year: Nabil

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Nile Garden for Food Industries Company aims to achieve exports worth EGP 140m this year with 40% growth.

Ahmed Nabil, the company’s commercial manager, said that Nile Garden achieved exports worth EGP 100m last year and seeks to increase them through opening new markets over the upcoming period.

Nabil explained that the company plans to enter a number of countries in Africa and South American countries as well as the Gulf countries.

He pointed out that 80% of the company’s production is directed toward export, while 20% is allocated for the local market.

Nile Garden plans to increase its production capacity to 8,000 tonnes for oils and olive oil this year compared to 6,000 tonnes in 2018, he added.

Nabil pointed out that the company plans to add three production lines for the packaging of olives and olive oil this year.

He highlighted that Nile Garden will open its new factory in Dina Farms area in Sadat City, with investments of EGP 40m pounds in mid-June.

Furthermore, he added that the company has completed the factory’s construction on an area of ​​21,000 sqm to become the fourth factory for Nile Garden Sadat City alongside with three other factories in Suez, Siwa,and Nubaria.

He added that Nile Garden is seeking new products this year, including canned cucumbers, grape leaves, olives, and olive oil.

Moreover, Nabil said that the company relies on 90% of the raw materials needed domestically while the remaining 10%-which are mainly chemicals-are imported from Europe.

The trade manager of Nile Garden attributed the drop in the company’s exports last year to the climatic conditions that hit the country in March and April of last year.

Nabil explained that the volatile climate at that time and the strong seasonal winds have led to a lack of sufficient productivity in the farms and lack of supply due to crop damage.

The company’s sales fell by 50% last year, he added, expecting the company to compensate for the decline in exports of 2019 as the harvest season approaches, he remarked.

In a related context, Nabil said that delaying the exchange of export subsidies for factories and increasing the prices of packaging is one of the main obstacles facing the industrial sector in Egypt.

Plus, he stressed that the prices of olives and olive oil have increased by 50% last year, as the price of a tonne of olives reached EGP 15,000 instead of EGP 10,000.

Also, he added that Egypt is suffering from a shortage of supply of olive oil, which leads to a rise in price compared to the competing markets by 40%, especially in the markets of Spain, Italy, Greece, and Turkey.

Nile Garden is keen on participating in foreign exhibitions to expand the export area, open new markets, and increase sales, Nabil said.

He pointed out that Egyptian fresh and canned fruits and vegetables are popular abroad because of their quality compared to their prices.

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AGA target 25%growth in exports this year https://wwww.dailynewssegypt.com/2019/03/02/aga-target-25growth-in-exports-this-year/ https://wwww.dailynewssegypt.com/2019/03/02/aga-target-25growth-in-exports-this-year/#respond Sat, 02 Mar 2019 10:00:15 +0000 https://www.dailynewsegypt.com/?p=691554 Chairperson: $3.5m to be injected in juices, frozen vegetables production lines

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Nile Agricultural Industrial Company (AGA) targets 25% growth in its exports this year.

Ahmed El Ayouti, the chairperson of the company, said that the company’s exports last year reached $4m, which the company aims to increase to $5m this year with 25% growth.

He noted that AGA exports to many markets, including Emirates, Saudi Arabia, Africa, North America, and Europe, in addition to expanding into the markets of Asia, including Japan, Korea, Brazil, and Latin America.

The company also aims to open new export markets this year in Europe, East Asia, North Africa.

El Ayouti added that the company is planning on opening two production lines this year with total investments worth $3.5m. The first would be to produce frozen vegetables with a production capacity of 20,000 tonnes to double the production of the factory to 40,000 tonnes. The second would be for manufacturing juices with an annual production capacity of 30,000 tonnes.

AGA will be working to develop products during this period through introducing new types of vegetables and developing juice packages as well as maintaining the prices and improving the quality.

Furthermore, he revealed that the total investments of the company are estimated to be EGP 400m, while the production capacity is 6,000 tonnes annually on the lines of frozen vegetables, juices, jam, and pickles.

Moreover, El Ayouti said that the company is also focusing on the Russian market as one of the largest receivers of agricultural crops and frozen vegetables, so the company is participating in WorldFood Moscow exhibition to benefit from the market export opportunities.

AGA allocates 70-75% of its production to export, as Africa accounts for 50% of the percentage and the rest is directed to the local market.

The company has contracted with Tiba, an agricultural investment company, in order to supply the required amounts of vegetables and fruits to the production lines to be opened this year explained the company’s chairperson.

He emphasised that some of the obstacles facing exporters include a few companies providing low quality products, high-priced products with an increase of 10%, as well as conditions of some countries, which include the requirement of products to obtain the IQF.

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Oil Tec For Oils & Detergents aims to increase its exports to $25m https://wwww.dailynewssegypt.com/2019/03/02/oil-tec-for-oils-detergents-aims-to-increase-its-exports-to-25m/ https://wwww.dailynewssegypt.com/2019/03/02/oil-tec-for-oils-detergents-aims-to-increase-its-exports-to-25m/#respond Sat, 02 Mar 2019 09:30:37 +0000 https://www.dailynewsegypt.com/?p=691551 Company exports 70% of production, seeking to raise this percentage during 2019 to 85%: Export Manager

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Oil Tec For Oils & Detergents aims to increase its exports to $25m by the end of 2019, compared to $17m in 2018 with a growth of 47%.

“Oil Tec For Oils & Detergents achieved 30% growth over last year compared to 2017 thanks to the modernisation of its production lines,” said Omnia Morgan, the company’s exports manager.

She said that they are currently exporting to the countries of Kenya; Madagascar; Rwanda; Mauritius; Kuwait; Iraq; Qatar; Palestine, and Libya, and aims to expand exports to the Arab world in 2019, in addition to entering the markets of Sudan, Djibouti, Malawi, Zambia, and Zimbabwe. “

Furthermore, she noted that the company relies on exports to secure hard cash which improves the value of sales and offsets the cost of electricity, fuel, and transport, especially following the recent price hikes in the local market in the wake of the float of the Egyptian pound.

Morgan explained that the company exports 70% of its production while seeking to raise this percentage during the year to 85% through the dissemination of its products through marketing managers in 11 Arab and African countries.

The company continues to distribute 30% of its production to the local market for many products, most notably Royal oil. It is distributed in major commercial chains such as Khair Zaman, and Metro Market.

Moreover, Morgan pointed out that the company produces four types of edible oils, namely, soybean oil, sunflower oil, corn oil, and mix oil, as well as butter and margarine.

The company also produces two types of detergent, toilet soap and detergent, in different sizes, colours, and smell, in addition to raw glycerol, which is included in creams, most natural mixtures.

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El Reyada For Rice Milling eyes 25% growth in exports https://wwww.dailynewssegypt.com/2019/03/02/el-reyada-for-rice-milling-eyes-25-growth-in-exports/ https://wwww.dailynewssegypt.com/2019/03/02/el-reyada-for-rice-milling-eyes-25-growth-in-exports/#respond Sat, 02 Mar 2019 09:00:15 +0000 https://www.dailynewsegypt.com/?p=691550 Company aims to increase exports to $50m in 2019, compared to $40m last year: Chairperson

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El Reyada For Rice Milling aims to increase its exports by 25% compared to last year by expanding into new markets.

Mahmoud Al-Waili, chairperson of El Reyada For Rice Milling, said that exports in the last year reached $40m and aims to increase that to $50m this year. He pointed out that the company has already started opening new markets last year in the countries of the East Asia such as Indonesia, Pakistan, and Singapore, which imports large quantities of Egyptian fava beans for its high quality and is used in the manufacture of crackers.

He explained that the company also opened other markets in Eastern Europe through the export of the white beans and aims to expand there in the current period, in addition to the rest of Europe and the Gulf countries.

Al-Waili added that the company produces many Egyptian crops, such as rice, fava beans, beans and lentils, as well as imported crops such as Turkish red lentils, Australian and British beans, Russian and Ukrainian peas. Exports represent 35% of total sales.

Furthermore, he elaborated that the company has four rice mills with a daily total capacity of 400 tonnes, as well as a 100-tonne-per-day bean ranch beside a sowing plant for all crops, including beans and sesame with a daily capacity of 100 tonnes.

Moreover, he stated that it is intended to establish a new production line to increase the productive capacity of the bean mill to reach a daily 200 tonnes compared to 100 tonnes currently to cover the company’s contracts. The company will also set up a silo to store grain with storage capacity of 10,000 tonnes before the end of this year.

The company also imported about 30,000 tonnes of Indian and Vietnamese rice, which will be put in the local market. It also plans to import 200,000 tonnes of rice more this year mentioned the company’s chairperson..

Al-Waili stressed the importance of changing the current subsidy system, since the subsidy has not been disbursed to the company since 2016, referring to the importance of supporting exporters as an incentive to increase investments and export.

Additionally, he indicated that removing subsidies on fuel and energy after the liberalisation of the exchange rate caused an increase in production costs.

Over and above he emphasised the importance of participating in foreign exhibitions as a means of gathering a large number of companies from different countries, which contributes to promoting the Egyptian product and opening new markets in many countries.

What’s more, he called for increased support for participation in large international exhibitions, especially for small exporters to help them expand their business.

In addition, he remarked that the company is mainly involved in a number of international exhibitions specialized in the sector, such as Sial Paris, Anuga in Germany and Gulfood.

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