Complex Made Simple

Egypt, Ukraine trade exchange hits EGP2 billion in 2014

Relations between the two countries saw remarkable development during 2014, but now face a deficit

The trade exchange volume between Egypt and Ukraine amounted to roughly EGP3 billion during 2014, according to Egypt’s minister of industry and commerce.

Minister Munir Fakhry Abd el-Nour says: “There is a deficit in the balance of trade between the two countries in favour of the Ukraine, which amounted to EGP 383.2 million during 2014.”

Abd el-Nour points that there will be bilateral talks held with the Ukrainian Trade Commissioner during the second half of this month to discuss increasing the trade exchange and joint investments between the two countries, reports Egypt-based Al Nahar.

He adds that they will discuss the increase in the Ukrainian export volume to Egypt, especially rebar (reinforcing steel), which caused great harm to Egypt’s iron industry.

The Egyptian minister says that trade relations between Egypt and Ukraine have seen a remarkable development during 2014, pointing out that the volume of Egyptian exports to Ukraine totalled EGP200m last year, while the value of Ukrainian exports to Egypt totalled approximately EGP357.6m.

(EGP1 = AED0.47, at the time of publishing)