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Egypt’s International Exports To Soar To $28.7 billion

A man counts U.S dollars and Euros at a money changer office in central Cairo, Egypt, December 27, 2016. Picture taken December 27, 2016. REUTERS/Mohamed Abd El Ghany

Egyptian exports to international groups hit 28.7 billion U.S. dollars in 2018, up 6.6 percent from 2017, the state statistics agency said Tuesday.

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According to a bulletin by Egypt’s Central Agency for Public Mobilization and Statistics (CAPMAS), the international groups include the UN Economic and Social Commission for Western Asia (ESCWA), the Sahel and Sahara Group, the Common Market for Eastern and Southern Africa (COMESA) and the Group of 15.

Egypt’s exports to ESCWA reached 7.9 billion dollars in 2018, while COMESA registered 1.9 billion dollars.

The country’s exports to groups of which Egypt is not a member stood at 12 billion dollars in 2018, up 18.6 percent.

These groups include the European Union, the European Free Trade Association (EFTA), the North American Free Trade Agreement (NAFTA), the Association of Southeast Asian Nations (ASEAN) and Southern Common Market (Mercosur).

Egypt’s economy has been battered by years of turmoil following the 2011 popular uprising that toppled former President Hosni Mubarak.

However, the country has recently been showing signs of economic improvement amid strict economic reforms including tax hikes and energy subsidy cuts recommended by the International Monetary Fund that supports Egypt’s economic reform plan with a 12-billion-dollar loan.

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