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Egypt’s non-oil exports tumble in September

Traders expect downhill trend to continue till yearend but predict a rebound next year

Egypt’s non-oil exports suffered a major slump of 27 per cent or $500 million in September compared with the same month last year.

The major decline, which pushed the country’s non-oil exports down to $1.2 billion in September against $1.7bn in the same month last year, is the biggest since the start of the current year.

According to official data published by Al-Watan newspaper, the country’s non-oil exports plummeted by $3.4bn in the first nine months of the current year compared with the corresponding period in 2014.

During the January-September period, Egypt’s non-oil exports amounted to $13.8bn compared with $17.2bn in the same period last year, the figures released by the General Organisation for Export and Import Control show.

Traders said they expect exports to continue their downhill trend until yearend but they are expected to rebound next year.

They explained that the effect of measures the government has taken to address the dollar crisis will start to appear by the beginning of next year.

They cited weak fuel supply and dollar shortage as some of the main reasons for the plunge in the country’s non-oil exports.