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Eight percent decline in Egypt's exports since the coup

February 10, 2014 at 10:52 am

Egypt’s General Authority of Export and Import Control (GOEIC) has issued a report revealing that Egypt’s exports have declined by 8 percent during the first few months since the military coup to $7.863 billion US compared to $8.601 billion US during the same period last year.

The Egyptian Ministry of Industry and Trade, under the military backed government, has announced a rise in Egyptian exports of non-petroleum products by 12 per cent during the first 11 months of this year from January to November saying the country’s exports revenues have amounted to nearly 134 billion Egyptian pounds compared to 120 billion Egyptian pounds during the same period last year. However, the ministry’s figures are inaccurate, the country’s actual revenues in US dollars amounted to $3.025 billion US from January to November compared to US $3.358 billion US for the same period last year a decline of 9 percent and not an increase by 12 percent as the government claims.