CAIRO: The value of Egyptian exports in February increased by 2.3% year-on-year from EGP 1.4bn in 2015 to EGP 1.5bn in 2016. Egyptian exports in January decreased by 11% year-on-year, according to an official statement from the Ministry of Industry and Foreign Trade.
The building materials sector exported the greatest value of products at $275m, followed by agricultural crops at $235m, fertilisers and chemicals at $225m, food commodities at $214m, engineering commodities at $180m, handmade crafts at $105m, ready-to-wear clothing at $93m, textile goods at $74m, upholstery at $49m, medical equipment and pharmaceuticals at $41m, furniture $29m, leather goods at $12m, and books at $2m.
Minister of Industry and Foreign Trade Tarek Qabil said the increase came following a cabinet programme to support exports with subsidies of EGP 1.5bn in 2016 and 2017. The programme provides funds to the food, chemical production, engineering, and textile industries.
Qabil explained in a Sunday statement that the Export Development Fund will oversee the programme’s operation from April 2016 to March 2017. The programme will support exporting companies that increased their exports by 25% in 2016 compared to 2015.
Export companies have to submit documents and bills every six months to validate their profits. Qabil has forecast that the programme will increase the value of exports by $2.5bn. Egyptian exports to Arab counties increased this past October to $673.4m compared to $594.7m in October 2014, according to the Central Agency for Public Mobilisation and Statistics (CAPMAS).
Meanwhile, imports from Arab countries declined from $1.1bn during that period to $640.2m in October 2015. Egyptian companies exported products valued at EGP 195.5bn in 2014, compared to EGP 199.8bn in 2013.
Initial reports recorded the value of Egyptian non-petroleum exports between January and November 2015 at $16.76bn, a 17.3% decline compared to the $20.27bn in the corresponding period of 2015.