Egypt’s exports to UAE jump by 112 pct in first six months of 2016

Monday 22-08-2016 08:22 PM

A cargo ship passing through Suez Canal. REUTERS

CAIRO, Aug 22 (Aswat Masriya) - Egypt’s exports to the UAE jumped by 112 per cent during the first half of 2016, the trade minister said on Monday. 

In a statement, the minister said that Egyptian exports to the gulf country reached $1.1 billion during the first six months of 2016, up from $530 million last year.

Imports from the UAE declined by 43 per cent, reaching $361 million, down from $629 million during the same period last year, the ministry said.

Minister Tarek Kabil said the balance of trade between the two countries recorded $746 million surplus in Egypt’s favour for the first time, compared to $99 million deficit during the same period last year. 

The statistics are based on a report of the Egyptian Commercial Services in Abu Dhabi. The report tackles the development of trade relations between the two countries. 

Head of ESC Ali al-Laithy attributed the increase in the exports to the campaigns that promote for Egyptian products in the UAE as well as introducing new products to be exported. 

The exports include raw gold, furniture and television sets . Laithy said that television sets made revenues of $340 million in 2015, compared to only $12 million in 2012.

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