The increase in Egypt's merchandise exports contributed to a decline in the value of the country's “non-oil” trade balance deficit during the first 9 months of this year, according to a government document seen by Al-Sharq.
The deficit during that period decreased by 4.4% on an annual basis, reaching $27.56 billion.
Egypt is moving to reduce the import bill by providing the needs of the local market and production requirements by encouraging Egyptian manufacturers and attracting international investors to establish industries for alternative products to those imported from abroad, in accordance with the plan to promote Egyptian industry, which includes 7 main axes announced by the Minister of Transport and Industry, Kamel Al-Wazir, since he assumed the ministry.
The rise in Egypt's merchandise exports comes at a time when the Egyptian government hopes to reach the target of $100 billion in exports annually.
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