Egypt's non-petroleum exports record $20bn in 2016

Minister of Trade and Industry Tareq Qabil said Egypt's non-petroleum exports increased by about nine percent in 2016 to record $20 billion, compared to $18.6 billion in 2015.

In a statement released on Friday, Qabil said the country's import rates witnessed a remarkable decline in 2016, decreasing by nine percent to hit $70 billion, compared to $77 billion in 2015.

This decrease has helped correct the trade imbalance by around 9.5 percent by the end of 2016, as compared to 2015 rates.

As the export sector is a main source of foreign currency in Egypt, the ministry adopted a comprehensive strategy to develop exports and considered it as a high priority in 2016.

The minister, in the same respect, underscored the importance of the strategy launched by the ministry in November with the aim of boosting Egypt's foreign trade until 2020.

The strategy, he noted, aims at doubling exports and rationalizing imports.