Egyptian non-petroleum exports rise for first time in 2014: Industry ministry

A recent report by the Ministry of Trade, Foreign Industry and Investment has revealed a rise in non-petroleum exports for the first time since the beginning of 2014.

After four months of continuous decline, non-oil exports grew by 3%, to $2.009bn (EGP 14.2bn), compared to $1.946bn (EGP 13.6bn) during the same month in 2013.

Exports fell by 4% in January, earning $1.7bn, and by 4% in February, earning $1.77bn. Exports fell by 5% in March, earning $2bn, and fell 11% in April with $1.8bn, the worst year on year decline since the year’s start.

According to the report, the total value of exports since the start of 2014 through the end of May rose only slightly, earning $9.725bn (EGP 67.98bn). This is compared to $9.711bn (EGP 65.89bn) during the same period in 2013.

The ministry is aiming to achieve $25bn (EGP 175bn) in exports during 2014, assuming the exchange rate of the dollar is EGP 7. The rate is currently EGP 7.17, according to the Central Bank of Egypt’s website.

The report showed a decline in the total number of exporters as well as number of new exporters compared to the previous year. The number of exporters in 2014 did not exceed 5,368, compared to 7,463 in 2013 and 7,397 in 2012. The number of new exporters so far this year did not exceed 409 in 2014 versus 1,392 in 2013 and 1,421 in 2012. New exporters are considered to be those who have not exported in three years or have exported less than EGP 1m.