CAPE TOWN: South Africa surged by 69% in 2017, the Egyptian trade minister Tarek Qabil (photo) announced last week.
Let’s note that although imports fell by 14% ($181 million in 2017 against $210 million in 2016), trade deficit between the two countries decreased to $46.5 million in 2017 from $150.8 million in 2016.
Egyptian authorities also hope to boost trade exchanges with other African countries under a recent agreement on the African Continental Free Trade Area (ZLECA), signed in March by more than 40 African countries.
For the record, Egypt announced earlier this month its intention to set up a logistics center in West Africa to boost exports. World Bank indicated in its global economic outlook report issued last January that the country, which is in the midst of economy rebuilding, is expected to grow 4.9% this year.
