An Egyptian government report released on Sunday said the trade balance deficit had shrunk by 9% in 2020, despite the coronavirus crisis, in light of economic and reform decisions taken by the state and strategic plans that he elaborated.
The report published by the Cabinet Media Center explains that Egypt’s foreign trade has made 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 positively cope with the negative repercussions of the pandemic on the economy and the global trade movement. The report also shed light on how Egypt handled the global trade crisis in 2020, having achieved an improvement in the trade balance through strategic planning since the start of economic reform a year after the pandemic.
Egypt’s trade balance deficit fell to $42 billion in 2020 from $45.9 billion in 2019, due to lower import values.
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 magnitude of the increase in exports and decline in imports from 2016 to 2020, with export volume registering $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 notes 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 share of exports of finished and semi-finished products constitutes a support for the value of national products. exports in 2020.
The total export value reached approximately $27.6 billion, with finished goods accounting for 47.9% of total exports, semi-finished goods 27.3%, fuels 13.6%, raw materials 10.4 %, raw cotton 0.6% and electrical energy 0.2%.
The report indicates that the total export value in 2017 reached $26.3 billion, with finished goods accounting for 46.1% of total exports, semi-finished goods 24.9%, fuel 18.1%, raw materials 10.4%, raw cotton 0.4% and electrical energy 0.1%. .