Trade News
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Suez Canal: Maximising resources
Ahmed Abdel-Hafez sounds out experts on plans to establish a fund to develop the Suez Canal.
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Egypt’s dependence on fruit, vegetable and potato exports to Russia keeps growing
The share of the Russian market in the supply of fruits and vegetables from Egypt in January-September 2022 reached 34% for the first time.
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Egypt's potato exports to Russia grow by 25% in 2022
For the first time, Egypt achieved agricultural exports of 6.3 million tons.
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Crop prices decline but still relatively high due to EGP depreciation
Price of final product continues to spike, which confirms that the stability of exchange rate.
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Sisi, Netanyahu discuss strengthening relations during phone talks
The two leaders expressed their desire to promote bilateral relations between Egypt and Israel in all fields.
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Egypt-Singapore trade up 120% YoY in 2021
Egyptian exports amounted to $505 million, and Singaporean investments in Egypt amounted to $175 million in 33 projects.
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Al-Sisi reviews Egypt’s Sovereign Fund projects, partnerships
Al-Sisi directed that the Sovereign Fund of Egypt (TSFE) should utilise the state’s assets and develop them in a sustainable manner to maximise return
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President El-Sisi Follows-up on the Activities of the Suez Canal Authority
President El-Sisi gave directives to proceed with the implementation of the development strategy of the Suez Canal.
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Laser hallmarking on gold to be applied in Q1-23
The Ministry of Supply and Internal Trade agreed with the Armed Forces to deploy the software system for laser hallmarking on gold.
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Egypt's Damietta port receives 66,000 tons of Russian wheat
The port of Damietta received the bulk carrier "ANNA-S" coming from Russia with 66,000 tons of wheat on board for the Supply Commodities Authority.
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Egypt's engineering exports rise 10% to $3.3 billion in 2022
Egypt's engineering industries exports rose between January and November 2022 by 10 percent to $3.3 billion.
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Stamping and Scales Authority unveils new law for gold manufacturers
Meanwhile, the ministry is discussing the introduction of amendments to Law No. 68 and 91 regarding gold and precious metals.
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Supply Ministry forms operations room to facilitate custom clearance of production supply imports
Operations room includes Ministry of Trade and Federation of Egyptian Chambers of Commerce.
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Central Bank of Egypt ends Letter of Credit system for importing
The CBE announced that it would begin a process of phasing out letters of credit system for import finance by the end of December.
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Egypt to purchase 42,000 tons of cooking oil – GASC
It is part of the state’s plan to increase its strategic stock of cooking oil to be sufficient for at least six months, the GASC added.
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Egypt believed to have purchased Russian wheat
The purchases included two 40,000-tonne cargoes at a price of $339 per tonne, traders said. The supplier is Grain Flower.
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Egypt, South Korea discuss ways to strengthen bilateral cooperation
Ambassador Hong mentioned that since Egypt became an official development assistance (ODA) priority partner country in 2021.
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Egypt, Japan sign second financing tranche of metro line 4
The second tranche will be used to support the implementation of the first phase of Line 4 of the Greater Cairo Metro, with a length of 19 km.
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Egypt's agricultural exports recorded 6M tons in 2022
In a related context, Egypt's exports of frozen strawberry surged by 30 percent in the first 10 months of 2022.
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Gold price soars in Egypt as local currency weakens
Prices have since fallen to 1,545 pounds but it's still a jump from 673.5 pounds a year earlier and a sharp premium versus the current $50-51.