Egypt’s trade deficit dropped by 11% in January, according to a statement by the Egyptian Ministry of Trade and Industry on March 1.

Exports, according to the statement, have increased by 16% while imports fell by 4%. On top of the list of sectors that saw an increase in exports came ready-made garments, food, building materials, chemicals, and engineering items.

Tarek kabil, Egyptian minister of trade and industry, said that Egypt’s non-petroleum exports rose to USD 1.9 bn in January 2018, compared to USD 1.6 bn in the same period last year. He added that imports amounted to USD 4.6 bn, compared to USD 4.7 bn in 2017.

The value of Egyptian exports to Arab markets amounted to USD 766 mn, compared to USD 726 mn a year ago.

Declines in the value of the Egyptian pound against the dollar, resulting from Egyptian currency floatation in November 2016, have increased the competitiveness of some products, especially those that do not rely heavily on imported materials.