Casablanca, Morocco (ADV) – Egypt’s non-petroleum foreign trade grew 11.8 percent year-on-year to 59.68 billion U.S. dollars in the first eight months, according to an official report.
Meanwhile, Egypt’s exports increased 10 percent to 16.54 billion dollars from January to August, compared to 14.99 billion dollars last year, said the report conducted by the General Organization for Import and Export Control.
Imports registered 43.14 billion dollars in the same period, up 12 percent from 38.35 billion dollars last year.
Egypt has been suffering an economic recession over the past few years because of political turmoil and relevant security issues, which led to declining tourism and foreign investments amid growing budget deficit, inflation rate and foreign and domestic debts.
Egypt started in late 2016 a three-year reform program including subsidy cuts, tax hikes and full floatation of the local currency.
Egypt’s economic reform program is encouraged by a 12-billion-dollar loan from the International Monetary Fund, two thirds of which have already been delivered to the most populous Arab state.
© Bur-csa – N.A – African Daily Voice (ADV)