Complex Made Simple

Egypt’s exports plummet $3 billion in 8 months

Exports to European Union countries hovered around EGP2bn and those to Arab countries stood at EGP316 million

Egypt’s exports sank by 18.7 per cent or $3.1 billion in the first eight months of the current year, according to official statistics.

The country’s exports from January to August totalled $12.5bn, down from $15.4bn in the same period last year, according to figures released by the General Organization for Export and Import Control.

In August, the country’s exports amounted to $1.4bn, down by 19.8 per cent compared with the same month last year, the data published by Youm7 reveals.

Meanwhile, the United States of America accounted for a total of EGP3.7bn or almost 54 per cent of Egypt’s exports of readymade garments in the eight-month period.

During the January-August period, Egypt’s total exports of readymade garments inched up by one per cent to EGP6.9bn compared with 6.8bn in the same period last year.

Exports to European Union countries hovered around EGP2bn and those to Arab countries stood at EGP316 million.

Coming in the second place after the USA is Turkey, which imported EGP610 million worth of Egyptian readymade garments, followed by Britain (EGP603 million) and Spain (EGP446 million).