An Egyptian government report on Sunday stated that the trade balance deficit fell during 2020 by nine percent, despite coronavirus crisis, in light of economic and reform decisions taken by the state and the strategic plans it developed.
The report published by the Media Center of the Cabinet explained that Egypt’s foreign trade has achieved tangible progress thanks to economic reforms, reflected in the strengthening of exports, support for exporters and an increase in the added value of the local product, as well as work to support the various productive sectors.
This has contributed to the improvement of Egypt’s trade balance and enabled the country to deal positively with the negative repercussions of the pandemic on the economy and global trade movement. The report also shed light how Egypt managed the global trade crisis in 2020, having achieve an improvement in the trade balance thanks to strategic planning since the beginning of economic reform, a year after the pandemic.
Egypt’s trade balance deficit declined to $42 billion in 2020 compared to $45.9 billion in 2019, as a result of the decline in the value of imports.
The trade balance deficit was $52.6 billion in 2018, $40.3 billion in 2017, and $48.9 billion in 2016.
The report showed the size of increase in exports and the decline in imports from 2016 to 2020, as the volume of exports recorded $27.6 billion in 2020, compared to $30.5 billion in 2019, $29.3 billion in 2018, and $26.3 billion in 2017, and $ 22.5 billion in 2016.
Imports recorded $69.6 billion in 2020, compared to $76.4 billion in 2019, $81.9 billion in 2018, $66.6 billion in 2017, and $71.4 billion in 2016.
The report noted an improvement in the structure of foreign trade by increasing the added value of the local product in accordance with the strategy of maximizing exports, while the increase in the proportion of finished and semi-finished exports formed a support for the value of national exports during 2020.
The total value of exports reached about $27.6 billion, with finished products representing 47.9 percent of total exports, semi-finished products 27.3 percent, fuel 13.6 percent, raw materials 10.4 percent, raw cotton 0.6 percent, and electric energy 0.2 percent.
The report stated that total value of exports in 2017 reached $26.3 billion, with finished products representing 46.1 percent of total exports, semi-finished products 24.9 percent, fuel 18.1 percent, raw materials 10.4 percent, raw cotton 0.4 percent, and electric energy 0.1 percent.