CAIRO: Egypt’s exports to East Asian countries surged 126 percent in 2017, recording LE 41.8 billion, compared to LE 18.5 billion in 2016, according to the Central Agency for Public Mobilization and Statistics (CAPMAS).
CAPMAS’ annual bulletin reviewed the trade exchange between Egypt and East Asia, including exports and imports, noting that the most important countries of East Asia are Malaysia, China, India, Indonesia, Pakistan, Thailand, Singapore, and Bangladesh.
CAPMAS added in a bulletin that imports from East Asian countries reached LE 300.7 billion in 2017,compared to LE 182.8 billion in 2016,marking an increase of 64.5 percent.
According to the bulletin, India came at the top of the list of exports with LE 16 billion during last year, compared to LE 6.5 billion in 2016, with an increase of 147.8 percent. Crude oil was the most important commodity exported to India.
China came in the second place with LE 12.4 billion in 2017, compared to LE 5 billion in 2016.
As per the imports, China topped the list with LE 144.2 billion in 2017, compared to LE 90.2 billion in 2016, with an increase of 60 percent.
The most important items imported from China were electrical equipment, boilers, and machines.
India came in the second place in the imports list, hitting LE 41.6 billion in 2017, with an increase of 89.9 percent, compared to 2016 which recorded LE 21.9 billion. The imported items were solar, meat and food.
According to the bulletin, fuel, petroleum products and extractive industries came at the top of the exports list in 2016 and 2017, recording LE 19.9 billion in 2017, compared to LE 8 billion in 2016, with an increase of 147.9 percent.
On the other hand, machinery, electrical, and transport equipment and parts came at the top of the imports list for 2016 and 2017, at LE 77.6 billion in 2017, compared to LE 49.6 billion in 2016, with a hike of 56.3 percent.
Egypt has been witnessing a drop in imports after it floated its currency in late 2016, making Egyptian goods in foreign markets attractively cheaper while doubling the cost of importing.
The Central Bank of Egypt (CBE) stated previously that Egypt’s exports marked an increase of $1.2 billion during the third quarter of 2017/2018, hitting $6.75 billion, compared to $5.55 billion in the same quarter of 2016/2017.