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$7bn decrease in Egypt's imports over 9-month period: Trade and Industry Ministry Exports on the other hand increased by $1bn over nine months, says minister
Egypt's imports have declined by $7bn in the period from January to September, according to Minister of Trade and Industry Tarek Kabil. Egypt's exports, however, increased over the past 9 months, which contributed to decreasing trade deficit by $8bn. From January to September, Egyptian exports increased by $1bn compared to the same period last year, Kabil said. The minister said that building materials, chemicals, fertiliser, food industries, and furniture were the sectors that achieved the highest increase in exports. During his meeting with the heads of export councils, Kabil noted that the ministry is working on a new strategy to double exports over the next five years, in coordination and cooperation with various export sectors. The meeting dealt with reviewing the export council plans, in light of each sector's export achievements, as well as visualising the target plan for each council during the next phase. President of the Chemicals and Fertilisers Export Council (CEC) Khaled Abou El-Makarem said that the chemicals sector has achieved a remarkable boom in export rates, especially to the African market, where exports to Nile Basin countries increased by 147% during 2015. Chairperson of the Ready-Made Garment Export Council Mohamed Kassem affirmed the importance of a stable exchange rate and that export support dues be paid in good time to increase exports during the next phase. Head of the Engineering Export Council of Egypt (EEC) Amr Abu Frekhha said that the council aims to organise a conference on competitiveness in the field of engineering industries in November. The EEC plans to invite representatives from Indian engineering industries to identify their leading experience in developing this industry.
