Egypt-COMESA trade deficit shrinks
Egypt's exports to the Common Market for Eastern and Southern Africa (COMESA) rose to $130.5 million last year compared to just $38 million in 1997, i.e. before Egypt's joined the 20-member states organization.
With its 21 member states , population of over 385 million and annual import bill of around US$32 billion COMESA forms a major market place for both internal and external trading.
Speaking to Al-Akhbar daily, the chairman of the Cabinet Decision Support Center, Raafat Radwan, however, said that COMESA ranks third in trade exchange with Egypt. The European Union ranks first with $ 2.5 billion worth of Egyptian commodities imports, followed by the Arab states with imports worth $ 1.039 billion.
Radwan noted that Egypt's total imports from the COMESA are put at $ 188.6 million, making up 1.73 percent of Egypt's total world imports.
Egypt-COMESA trade deficit has declined since the signature of the agreement in 2003 when it amounted to $58.4 million. (menareport.com)