$16 billion of non-oil exports so far this year for Egypt

$16 billion of non-oil exports so far this year for Egypt
Last month also saw $190 million worth of exports for 20 food commodities, according to the GOEIC. (Shutterstock)
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Updated 17 September 2020

$16 billion of non-oil exports so far this year for Egypt

$16 billion of non-oil exports so far this year for Egypt
  • The GOEIC said that Egypt’s non-oil exports during August were $1.741 billion

CAIRO: Egypt’s General Organization for Export and Import Control (GOEIC) announced on Thursday that Egypt’s non-oil exports amounted to roughly $16 billion during the first eight months of 2020, compared to $16.752 billion during the same period last year, a decline of 4.7 percent.

The GOEIC said that Egypt’s non-oil exports during August were $1.741 billion, an increase of five percent — around $75 million — over August 2019.

The GOEIC added that the Export Council for Printing, Packaging, Paper, Literary and Artistic Works, had seen the largest increase over last August’s figure, exporting $68 million worth of goods over $45 million in August 2019, an increase of 51 percent.
The Export Council for Medical Industries saw an increase of 33 percent over last August’s $30 million figure, while the Export Council for Handicrafts exported products worth $16 million in August as opposed to $14 million last August.

The Chemical and Fertilizers Export Council saw an increase of 11 percent in August over August 2019, and the Engineering Export Council had an eight-percent increase.

The Food Export Council, Furniture Export Council and Textile Export Council also improved their August 2019 figures.

Last month also saw $190 million worth of exports for 20 food commodities, according to the GOEIC. Cheese was the top-seller, followed by wheat flour and cane sugar.
 


UK economy shrinks by 2.6% in November, first drop since April

UK economy shrinks by 2.6% in November, first drop since April
Updated 15 January 2021

UK economy shrinks by 2.6% in November, first drop since April

UK economy shrinks by 2.6% in November, first drop since April
  • The fall in gross domestic product much lower than the average forecast for a 5.7 percent drop

LONDON: Britain’s economy shrank by 2.6 percent in November, the first monthly fall in output since the depths of an initial COVID lockdown in April, as new restrictions were imposed on much of the country to slow the spread of the disease.
The fall in gross domestic product reported by the Office for National Statistics was much lower than the average forecast for a 5.7 percent drop in a Reuters poll of economists.
The Bank of England estimates Britain’s economy shrank by just over 1 percent over the final three months of 2020, and with a new lockdown in place since January the country is likely to have fallen into a double-dip recession.
The BoE ramped up its bond-buying program to almost 900 billion pounds in November and Governor Andrew Bailey said this week that it was too soon to say if further stimulus would be needed.