Egypt’s trade deficit shrinks $7bn in 11M

Egypt’s trade deficit shrinks $7bn in 11M

Cairo – Mubasher: Egypt's balance of trade deficit narrowed by 17% to $35.3 billion in the first 11 months of 2020, compared to $42.46 billion in the same period a year earlier, the Minister of Trade and Industry, Nevine Gamea, revealed.

Imports

The North African nation's imports slid by 12% to $58.1 billion in the 11-month period ended 30 November, compared to $65.82 billion in the same period in 2019, Gamea said in a state. ment on Wednesday

Exports

Meanwhile, the most populous Arab nation's exports retreated to $22.8 billion in the January-November period from $23.36 billion in the corresponding period a year earlier.

Exports are expected to exceed $25 billion by the end of 2020, she added.

The ministry has adopted a plan to increase the value of exports to $100 billion over the coming few years, she pointed out.

The UAE was Egypt's top export destination with $2.66 billion, followed by Saudi Arabia with $1.5 billion, Turkey $1.42 billion, the US $1.38 billion, and Italy $1.11 billion.