Egypt, S.Arabia step up trade ties through coordination council talks    Egypt reviews progress on $200m World Bank-funded waste management hub    Egypt urges Israel to accept Gaza deal amid intensifying fighting    SCZONE showcases investment opportunities to eight Japanese companies    Egypt, ADIB explore strategic partnership in digital healthcare, investment    SCZONE, Tokyo Metropolitan Government sign MoU on green hydrogen cooperation    Egypt welcomes international efforts for peace in Ukraine    Al-Sisi, Macron reaffirm strategic partnership, coordinate on Gaza crisis    Contact Reports Strong 1H-2025 on Financing, Insurance Gains    Egypt, India's BDR Group in talks to establish biologics, cancer drug facility    AUC graduates first cohort of film industry business certificate    Egyptian pound down vs. US dollar at Monday's close – CBE    Egypt's FM, Palestinian PM visit Rafah crossing to review Gaza aid    Egypt prepares unified stance ahead of COP30 in Brazil    Egypt recovers collection of ancient artefacts from Netherlands    Egypt harvests 315,000 cubic metres of rainwater in Sinai as part of flash flood protection measures    Egypt, Namibia explore closer pharmaceutical cooperation    Fitch Ratings: ASEAN Islamic finance set to surpass $1t by 2026-end    Renowned Egyptian novelist Sonallah Ibrahim dies at 88    Egyptian, Ugandan Presidents open business forum to boost trade    Al-Sisi says any party thinking Egypt will neglect water rights is 'completely mistaken'    Egypt's Sisi warns against unilateral Nile measures, reaffirms Egypt's water security stance    Egypt's Sisi, Uganda's Museveni discuss boosting ties    Egypt, Huawei explore healthcare digital transformation cooperation    Egypt's Sisi, Sudan's Idris discuss strategic ties, stability    Egypt to inaugurate Grand Egyptian Museum on 1 November    Greco-Roman rock-cut tombs unearthed in Egypt's Aswan    Egypt reveals heritage e-training portal    Sisi launches new support initiative for families of war, terrorism victims    Egypt expands e-ticketing to 110 heritage sites, adds self-service kiosks at Saqqara    Palm Hills Squash Open debuts with 48 international stars, $250,000 prize pool    On Sport to broadcast Pan Arab Golf Championship for Juniors and Ladies in Egypt    Golf Festival in Cairo to mark Arab Golf Federation's 50th anniversary    Germany among EU's priciest labour markets – official data    Paris Olympic gold '24 medals hit record value    A minute of silence for Egyptian sports    Russia says it's in sync with US, China, Pakistan on Taliban    It's a bit frustrating to draw at home: Real Madrid keeper after Villarreal game    Shoukry reviews with Guterres Egypt's efforts to achieve SDGs, promote human rights    Sudan says countries must cooperate on vaccines    Johnson & Johnson: Second shot boosts antibodies and protection against COVID-19    Egypt to tax bloggers, YouTubers    Egypt's FM asserts importance of stability in Libya, holding elections as scheduled    We mustn't lose touch: Muller after Bayern win in Bundesliga    Egypt records 36 new deaths from Covid-19, highest since mid June    Egypt sells $3 bln US-dollar dominated eurobonds    Gamal Hanafy's ceramic exhibition at Gezira Arts Centre is a must go    Italian Institute Director Davide Scalmani presents activities of the Cairo Institute for ITALIANA.IT platform    







Thank you for reporting!
This image will be automatically disabled when it gets reported by several people.



Egyptian exports down 11% in April
Published in Daily News Egypt on 12 - 05 - 2014

Egyptian non-petroleum exports declined 11% during the month of April, earning $1.8 billion compared to $2bn during the same month the year before, according to the Ministry of Industry, Foreign Trade, and Investment's monthly report.
Since the beginning of the year through April, exports declined 2%, earning $7.6bn over the past four months, or 30% of the current year's target value of $25bn. This compares to $7.76bn during the same period last year. This is despite the increase in revenue when calculating the total amount in Egyptian pounds rather than dollars, wherein the first four months of the year amounts to EGP 52.9bnm as compared to EGP 52.3bn during the same period last year.
The Ministry of Industry, Foreign Trade, and Investment amended the method of calculating the value of exports in order to rely on the dollar-denominated value instead of the pound to reflect a more realistic position for its exports. This is in light of the pound's decline in value versus the dollar over the past three years. The dollar is currently bought at EGP 7.03 and sold at EGP 7.07.
The ministry's plan for the current year targets exports of EGP 175bn, or $25bn, given an exchange rate of one dollar to seven pounds.
Exports of most of the export-oriented sectors recorded declines, with the exceptions of the leather industry, which increased its exports by 22%, earning $20m in April compared to $16m during April of 2013, and furniture, which increased 2%, earning $34m as compared to $33m the year before.
The mining sector fell by 39%, earning $139m in April as compared to $227m during the same month last year. Agricultural crops fell 14%, earning $196m versus $228m. Engineering industries declined 27%, earning $152m versus $207m. The food industry dropped 15%, earning $241m versus $284m.
Exports in fertilisers and chemicals also fell 13%, earning $351m compared to $404m the year before. Building materials fell by 32% dropping to $305m, compared to $447m. Apparel fell 22% earning $94m compared to $121m, while upholstery declined 6%, earning $61m compared to $64 million. Textiles fell 12% to $64m, as compared to $73m.
Exports in handicrafts, which were included in the report for the first time this year, declined by 17%, earning $137m versus $165m during the same month last year. Medical and pharmaceutical exports also declined by 13%, earning $42m compared to $49m.
The report indicated that the most important products exported over the last month were fertiliser products, cables, plastics, jewelry, precious stones, auto parts, medical and cosmetic supplies, aluminum, casting iron and steel, and upholstery.


Clic here to read the story from its source.