Main Exports Of Egypt .. The following export product groups represent the highest dollar value in Egyptian global shipments during 2019. Also shown is the percentage share each export category represents in terms of overall exports from Egypt.
List Of Top 10 Main Exports Of Egypt According To 2019
- Mineral fuels including oil: US$8.9 billion (34.9% of total exports)
- Plastics, plastic articles: $1.6 billion (6.2%)
- Fruits, nuts: $1.4 billion (5.4%)
- Fertilizers: $1.3 billion (4.9%)
- Electrical machinery, equipment: $1.2 billion (4.8%)
- Clothing, accessories (not knit or crochet): $984.3 million (3.9%)
- Knit or crochet clothing, accessories: $970.3 million (3.8%)
- Vegetables: $957.3 million (3.8%)
- Gems, precious metals: $729.7 million (2.9%)
- Iron, steel: $570.4 million (2.2%)
Egypt’s main imports consist of pharmaceuticals and non-petroleum products such as wheat, maize, cars and car spare parts. The current account grew from 0.7% of GDP in FY2002 to 3.3% at FY2005. Egypt’s Current Account made a surplus of US$ 4478 million in FY2005 compared to a deficit of US$ 158 million in FY2004. Italy and the USA are the top export markets for Egyptian goods and services. In the Arab world, Egypt has the largest non-oil GDP as of 2018.
Major export partners are for Main Exports Of Egypt :
Italy, Spain, France, Saudi Arabia, India and Turkey. Others include: United States, Brazil and Argentina is
According to the International Organization for Migration, an estimated 2.7 million Egyptians abroad contribute actively to the development of their country through remittance inflows, circulation of human and social capital, as well as investment. In 2009 Egypt was the biggest recipient of remittances in the Middle East; an estimated US$ 7.8 bn was received in 2009, representing approximately 5% of national GDP, with a decline of 10% from 2008, due mostly to the effect of the financial crisis. According to data from Egypt’s Central Bank, the United States was the top sending country of remittances (23%), followed by Kuwait (15%), the United Arab Emirates (14%) and Saudi Arabia (9%).
Trade History
Egypt‘s trade and investment relationship with the United States deepened over the forty years since Egypt signed a peace agreement with Israel in 1979. Since that time, the two countries have sought ways to increase their economic and trade ties, notably through various partnership and agreements. At the beginning of the 1990‘s, negotiations for a free trade agreement were a topic of discussion, and Egypt and the U.S. finalized a Trade and Investment Framework Agreement (TIFA) in 1999. After the failure to reach a free trade agreement (FTA) bilaterally, the U.S. shifted to giving regional trade agreements priority, such as the 2003 Middle East Free Trade Area initiative (MEFTA). It did, however, conclude free trade agreements with Israel, Jordan, Morocco, Bahrain, and Oman. Further FTA negotiations with the UAE and Egypt were put on hold in 2005 and 2007, respectively.
Nevertheless, in the pursuit of a free trade framework, Egypt has made strides to open its economy through various reforms and, in essence, has laid the ground work for a FTA in the future by focusing on each part of modernizing its economy. Furthermore, Egypt-U.S. trade operates within two initiatives designed to increase Egypt‘s exports to the U.S. The first is the U.S. Generalized System of Preferences (GSP), a preferential trade treatment program where certain products are eligible for duty-free entry to the U.S. under specific qualifications. The second is the Qualifying Industrial Zones (QIZs), a one-way FTA that combines Egyptian and Israeli components in manufactured goods from designated industrial zones that enter the U.S. duty-free.
The U.S. remains committed to assisting the ongoing economic reforms in Egypt and working with the Egyptian government to help overcome the economic challenges facing the country. In December 2017, a bilateral Trade and Investment Council was convened to discuss ways to further expand economic activity between the two countries.
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