Egypt suffering from US$40 billion gap between exports and imports: Engineering Export Council

The head of the Egyptian Engineering Export Council (EEC) Sherif al-Sayyad announced Saturday that Egypt is suffering from a large gap between exports and imports, which is about double.

In his interview with the talk show “Hadith al-Qahira” (Cairo Talk) on the “al-Qahira wal Nas” (Cairo and the People) channel, Sayyad explained that “there is a gap of up to US$ 40 billion that must be reduced by maximizing foreign exchange resources.”

“We export goods worth $42 billion annually, including petroleum exports, while our imports amounted to US$ 75 to $80 billion annually,” he added.

Sayyad added that this situation “will force us to evaluate the currency every four or five years,” noting that the government can develop tourism and industry to increase resources from hard currencies to bridge the gap between exports and imports.

The Economic Conference – Egypt 2022 represents an important step to present the challenges facing the industry in Egypt, he said, adding that the outcomes of the conference would ease the burdens of reality on the industrial sector under the current circumstances.

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