Non-petroleum exports from Egypt declined 11% during the month of April, earning $1.8 billion compared to $2bn during the same month the year before, according to the Ministry of Industry, Foreign Trade, and Investment’s monthly report.
Since the beginning of the year to April, exports declined 2%. This is despite the increase in revenue when calculating the total amount in Egyptian pounds rather than dollars, wherein the first four months of the year amounts to EGP 52.9bnm as compared to EGP 52.3bn during the same period last year.
The Ministry of Industry, Foreign Trade, and Investment amended the method of calculating the value of exports using the dollar-denominated value instead of the pound to reflect a more realistic position for its exports. This is in light of the pound’s decline in value versus the dollar over the past three years. The dollar is currently bought at EGP 7.03 and sold at EGP 7.07.