Egypt's non-oil exports hit 1.3 bln USD in April

Source: Xinhua| 2019-06-04 18:32:18|Editor: Wu Qin
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CAIRO, June 4 (Xinhua) -- Egypt's non-oil exports reached 1.3 billion U.S. dollars in April, the country's Export and Import Control Authority said in a statement on Tuesday.

"During April, the country's exports of food products hit 433 million dollars and exports of industrial products stood at 897 million dollars," the statement added.

Egypt has been facing economic recession over the past few years because of political turmoil and relevant security issues, which led to declining tourism and foreign investments amid growing budget deficit, inflation rate and foreign and domestic debts.

In the face of economic challenges, Egypt started in late 2016 a three-year reform program including subsidy cuts, tax hikes and full floatation of the local currency.

Egypt's economic reform program is encouraged by a 12-billion-dollar loan from the International Monetary Fund.

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