Egypt-African Countries Trade Exchange Rises by 23 % in 2018

The trade exchange between Egypt and African countries has recorded a growth of 23 percent in 2018, registering US$ 6.9 billion in 2018, compared to $5.6 billion in 2017, the Central Agency for Public Mobilization and Statistics (CAPMAS) announced on Sunday.

The value of exports to Africa rose to $4.7 billion in 2018, compared to $3.7 billion in 2017, up by 26.9 percent, CAPMAS added .

Meanwhile, the volume of imports reached US 2.1 billion in 2018 compared to US 1.9 billion in 2017.

Algeria topped the list of African countries importing from Egypt, with Egyptian exports worth $977.2 million, followed by Libya with total exports of $632.6 million, Morocco with $ 499.3 million, Tunisia with $496.6 million, Sudan with $396.6 million, while Guinea-Bissau came last with $0.1 million.

The value of imports from African countries to Egypt amounted to $2.1 billion during the same period, up by 15.2 percent. Algeria topped the list of countries exporting to Egypt with exports worth $397.7 million.

It is noteworthy that President Abdel Fattah El Sisi is chairing today the 12th Extraordinary Summit of the African Union in Niamey, Niger, in the light of Egypt’s current presidency of AU.

Sisi arrived in Niger later Saturday to head the Summit set to be held on Sunday and Monday.

"The summit  witnessed the launch of African Continental Free Trade Area after completing the number of the required endorsements," Presidential Spokesman Bassam Rady said.

Leaders and heads of governments of 55 African Union countries are taking part in the 12th extraordinary African summit that runs through Monday.

Rady said the African Continental Free Trade Agreement (AfCFTA) is one of Egypt's priorities in light of its chairmanship of the AU, as it will create the largest free trade area in the world and boost intra-African trade volumes.

The AfCFTA seeks to triple the volume of intra-African trade from 17% to 60% by 2022.  It also aims at reducing imports, improving productive and manufacturing capacities and supporting infrastructure projects in Africa.

The agreement officially went into force on May 30.