GOEIC: Egypt's Non-oil Exports Hit $1.905 Bln

The General Organization for Export and Import Control (GOEIC) said on Thursday that Egypt’s non-oil exports increased five percent or $95 million to reach $1.905 billion up in June from 1.810 billion in the same period the the preceding year.

GOEIC added that four pisions, particularly, served as a pushing factor of exports including the agricultural sector, which recorded $229 million in June, up from $145 million in the same period last year, followed by the food sector, which reported $205 million in the same period, compared to 183 million dollars in 2018.

Also, Ready-made garments and electronic goods held the third and fourth spots, with exports worth $122 million and $186 million respectively.

In the light of economic challenges, Egypt started a three years reform program with the International Monetary Fund (IMF) in late 2016.

The program combined a reduction in subsidies, tax hikes, as well as a complete liberation of the Egyptian pound.

Egypt's economic reform program was supported by a $12 billion loan from the IMF after the country experienced an economic recession.

In the aftermath of the revolution, Political turmoil and security concerns emerged, resulting in a significant drop in tourism and Foreign Direct Investments (FDI), as well as a growing budget deficit.