Who is Egypt trading with?
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Egypt is a country on a track of economic development. The last year witnessed several economic changes and reforms including devaluating the Egyptian pound, issuing a new investment law and acquiring a $12bn IMF loan.
Egypt’s economic status was further boosted by the invitation extended by China to attend the BRICS summit where Egypt signed more trade agreements with the countries attending.
But who does Egypt trade with?
Egypt’s biggest trading partner is the European Union where the bilateral trade volume surpassed 32 billion dollars in 2016. The second biggest trading partner for Egypt is China, which is expected to jump to number one after investing in Egypt’s new administrative capital project which will strengthen the trade relation between the 2 countries. The third trading partner is the United states.
When it comes to exports, After the EU Saudi Arabia is on top of the list of countries importing from Egypt, followed by United States, China and Turkey. Egyptian exports to those countries include crude and refines petroleum, insulated wire, video displays and gold, while it imports refined petroleum, wheat, food and livestock.
The Ministry of Trade and Industry announced its ongoing vision that it hopes to have accomplished by 2020. The vision relies on industrial development and boosting exports. The ministry’s efforts managed to narrow the trade deficit by 46% in the first half of 2017 compared to 2016 to reach $13bn.
This deficit drop was due to the fact that in 2017 imports decreased by 30% reaching $24bn while exports increased by 8% to reach $11bn.
Egypt’s economic status was further boosted by the invitation extended by China to attend the BRICS summit where Egypt signed more trade agreements with the countries attending.
But who does Egypt trade with?
Egypt’s biggest trading partner is the European Union where the bilateral trade volume surpassed 32 billion dollars in 2016. The second biggest trading partner for Egypt is China, which is expected to jump to number one after investing in Egypt’s new administrative capital project which will strengthen the trade relation between the 2 countries. The third trading partner is the United states.
When it comes to exports, After the EU Saudi Arabia is on top of the list of countries importing from Egypt, followed by United States, China and Turkey. Egyptian exports to those countries include crude and refines petroleum, insulated wire, video displays and gold, while it imports refined petroleum, wheat, food and livestock.
The Ministry of Trade and Industry announced its ongoing vision that it hopes to have accomplished by 2020. The vision relies on industrial development and boosting exports. The ministry’s efforts managed to narrow the trade deficit by 46% in the first half of 2017 compared to 2016 to reach $13bn.
This deficit drop was due to the fact that in 2017 imports decreased by 30% reaching $24bn while exports increased by 8% to reach $11bn.