Egypt expects to cut its trade deficit by $11-$12 billion in 2016 as part of efforts to ease an acute dollar shortage and is encouraging domestic industries to fill the void as imports plummet, Trade and Industry Minister Tarek Kabil said. "If you look at last month's report, industry grew by almost 20 percent, because it has to fill the gap of the imports. Egypt has struggled to overcome a crippling dollar shortage since the 2011 uprising caused foreign investors and tourists, key earners of foreign exchange, to flee. The shortage is exacerbated by a severe trade imbalance - Egypt imported $67 billion worth of goods in 2015 but exported just $18.5 billion, according to trade ministry data. The aim is to increase exports to Africa from $4 billion now to $8 billion five years, or 20 percent per year, he said.

Source: Egypt Independent October 24, 2016 14:15 UTC