Egyptian exports jumped by 60 percent during the first quarter of 2000, as a result of the rising international oil prices. According to Al-Iktissad Wal-Aamal magazine, the country’s imports grew by 7.5 percent during this period, compared with the first quarter of the previous year. As a result, Egypt’s foreign trade deficit fell to $2.9 billion by the end of the first quarter of 2000.
The main source of export revenues in Egypt is crude oil and petroleum products, which represented 34 percent of the country’s total exports in 1998. In second place, the spinning and weaving sector contributes a 14.8 percent share of these revenues. In 1997/98, non-oil exports increased by 23 percent, reaching $3.4 billion, textile exports increased by 25.3 percent, reaching $759 million, whereas chemical exports hit $172.8 million, increasing by 49 percent.
The upcoming decade is expected to bring a significant increase in exports, especially in commodities. –(Albawaba-MEBG)