Egypt’s Agricultural Export Surges On The Back Of Currency Float

Egypt’s agricultural export is expected to grow by about 15 per cent in 2017 in comparison to 2.2 billion US dollars recorded last year.

This growth has been attributed to the states decision to float its currency in November. The move has led to a surge in demand as the fruit and vegetables are now more competitively priced on the global market.

According to reports demand has doubled, with every product gaining one or two markets. The growing interest follows a turbulent year for Egyptian produce after a temporary ban of fruits and vegetables in one of Cairo’s top buyers, Russia.

Analysts believe that along with a sharp reduction in imports, a rise in agricultural exports could help narrow the country’s ballooning trade deficit. Read full news here.