Egypt’s exports hit $25bn in 2018

Egypt’s exports hit $25bn in 2018

Cairo – Mubasher: Egypt’s exports rose by 11.6% year-on-year recording $25 billion in 2018, versus $22.4 billion, the Egyptian Cabinet revealed on Thursday.

Egyptian export firms have sealed $130 million contracts with Germany, while the Egyptian Commercial Service Office (ECS) has provided 104 export opportunities valued at $75 million, the Cabinet’s media centre highlighted.

The Russian ban on exports of Egyptian potatoes and the ban on exports of Egyptian products to Sudan, as well as Canada’s ban on trade freight transport by EgyptAir have been lifted, the Cabinet added.

The Cabinet also highlighted that the African Continental Free Trade Area (CFTA) has been launched and that the most populous Arab country has signed a free-trade agreement with the Arab states.

Almost 4,330 factories for the small- and medium-sized businesses (SMBs) are being built in 13 industrial complexes across 12 governorates in Egypt in order to create a local industrial boom, offer 40,000 jobs, and reduce imports, the Cabinet said.

One of these SMBs is the furniture city in Damietta, which was built at a cost of EGP 2.5 billion and consists of 1,400 industrial units on a 331-acre built-up-area, in addition to the establishment of 498 factories in three cities, namely Badr, Rasawah, and Sadat with EGP 1.04 billion in investments.