Egypt’s non-petroleum exports increased by two percent, recording $6.728 billion during the first quarter of 2020, up from $6.58 billion during the same period of 2019, according to Egypt’s External Trade Indices report issued on Wednesday.

According to the report issued by the General Organisation for Export and Import Control (GOEIC), Egypt’s imports dropped significantly by 24 percent to record $13.814 billion in Q1 2020, down from $18.233 billion in the same period of 2019.

Minister of Trade and Industry Niveen Gamea said these indices have contributed to reducing Egypt’s trade balance deficit by $4.566 billion, declining by 39 percent in Q1 2020 in comparison to the same quarter of 2019.

Gamea stated that these positive indices were recorded despite the harsh conditions the global economy is witnessing owing to the COVID-19 outbreak. She added that the indices reflect the success of the trade ministry’s strategy and the business community in resuming production to preserve Egypt’s export market and increase the reliance on national products to meet the needs of the domestic market.

She added that Egypt’s manufacturing sector is able to exploit the current opportunity to increase production rates and open new export markets, especially that many factories in different countries have been closed due to the COVID-19 outbreak.

The sector can also make use of the decrees the trade ministry issued recently, especially with regards to halting exports of a number of medical and food products. This resulted in the increase of these products in the domestic market and, consequently, a decline in Egypt’s imports.