Minister of Trade and Industry Tarek Kabil said that non-oil Egyptian exports rose by 25% during January.

Exports in January registered $1.66bn, up from $1.327bn in the same month of 2016, according to a press release by the ministry.

Total exports in December slightly decreased by 1.3%, according to the Central Agency for Public Mobilization and Statistics (CAPMAS).

Imports dropped in January by 25%, settling at $3.626bn, down from $4.826bn in the same month of 2016.

The increase in exports and decline in imports contributed to an increase the trade balance gap by 44% in January to reach $3.499bn.

During his meeting with President Abdel Fattah Al-Sisi in December 2016, Kabil said the trade deficit fell to $8bn. The minister also expected the flotation to boost Egyptian exports by 10%.

Egyptian producers are relying on the flotation to increase their products’ competitiveness in foreign markets, but the high cost of importing inputs remains a main challenge they have to face.