77.6% increase in Egypt’s non-oil exports to Spanish market during Q1

Minister of Trade and Industry Tarek Kabil announced that the Egyptian non-oil exports to the Spanish market during the first quarter (Q1) of the current year significantly increased by 77.6% to a record €177.4m, compared to €99.9m during the same period of 2016.

The minister noted that Egypt’s imports from Spain fell by 22.3% in Q1 2017 to register €256.1m compared to €329.7m in the same period last year, which resulted in a significant reduction in trade deficit between the two countries. The trade deficit recorded €79m during Q1, compared to €230m during the same period of 2016, with a decreased rate of 66%.

Kabil said that these indicators reflect the success of the ministry’s plan to open more outlets to increase the export rates in various foreign markets, as well as the rationalisation of imports, especially for products that are produced locally.

For his part, Ahmed Antar, head of the Egyptian Commercial Service Office (ECS) said that exports of the fertiliser sector had doubled to €28m during Q1, an increase of €15m compared to the same period in 2016. Antar pointed out that this increase reflects the efforts to send promotional missions organised by the ECS in Madrid for the Egyptian companies exporting phosphate fertilisers, which resulted in export contracts that contributed to increasing Egyptian fertiliser exports to the Spanish market.