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Egypt's trade deficit drops 46%
Egypt's trade deficit fell 46 percent year-on-year in the first half of 2017 to 13 billion dollars as exports and imports grew, the Commerce and Industry Ministry said on Thursday.
Exports rose 8 percent in the six months through June to $ 11.130 billion, while imports fell 30 percent to $ 24 billion, the ministry said in a news release.
Egyptian Minister of Trade and Industry Tariq Qabeel attributed the improvement in Egypt's foreign trade to the measures taken by the ministry to limit the import of low quality products, restore the improvement rates, achieve the export development plan, rationalize imports and reduce the depletion of hard currencies.
The minister pointed out that the factors contributing to the decline in trade balance deficit include "increasing reliance on local industry by replacing domestic products with imported products that have a local equivalent and are imported from abroad."
Since last year, Egypt has been cutting imports by restricting the import of non-essential goods and increasing tariffs on many goods.
http://economy-news.net/content.php?id=8559
Egypt's trade deficit fell 46 percent year-on-year in the first half of 2017 to 13 billion dollars as exports and imports grew, the Commerce and Industry Ministry said on Thursday.
Exports rose 8 percent in the six months through June to $ 11.130 billion, while imports fell 30 percent to $ 24 billion, the ministry said in a news release.
Egyptian Minister of Trade and Industry Tariq Qabeel attributed the improvement in Egypt's foreign trade to the measures taken by the ministry to limit the import of low quality products, restore the improvement rates, achieve the export development plan, rationalize imports and reduce the depletion of hard currencies.
The minister pointed out that the factors contributing to the decline in trade balance deficit include "increasing reliance on local industry by replacing domestic products with imported products that have a local equivalent and are imported from abroad."
Since last year, Egypt has been cutting imports by restricting the import of non-essential goods and increasing tariffs on many goods.
http://economy-news.net/content.php?id=8559
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