Egypt s exports totalled $5.1 billion in the second quarter of the fiscal year 2016/17, an increase on the $4.3 billion recorded during the same period of 2015/16, according to a Central Bank of Egypt (CBE) report published on Sunday.
The CBE report revealed significant increases in leading sectors, with petroleum and oil products recording exports of $1.4 billion during the second quarter of 2016/17. Meanwhile, finished products saw $2.5 billion in exports and semi-finished products recorded $882.4 million during Q2.
According to the report, Egyptian exports to the US during the Q2 of 2016/17 totalled $356.6 million, with $1.7billion to Arab nations, $155.4 million to non-Arab Africa, $1.5 billion to the European Union, $454.7 million to non-EU European nations, $385 million to non-Arab Asia, and $483.3 million to other regions.
The only recorded decrease in Egyptian exports was to Russia and the Commonwealth of Independent States, dropping from $52 million in Q2 of 2015/16 to $22.6 million in Q2 of 2016/17.
Last March, Egypt s trade and industry ministry revealed a strategy to almost double the nation s exports by the year 2020, from the current $19 billion to $34 billion.
The strategy will include implementing new export plans and policies, as well as targeting new markets for cement, agricultural products, ready-made clothes, construction materials, chemical products, and engineering and electronic goods.
In November 2016, the CBE floated the pound against the dollar in an attempt to rescue the country s flagging economy. The move caused the pound to drop to an average exchange rate of EGP 18 to the dollar, compared to EGP 8.88 prior to the flotation.
