Minister of Trade Commissioner Ahmed Antar, head of the commercial office in Washington, revealed that the value of trade between Egypt and the United States reached $9.1 billion last year. This came during a symposium organized by the Export Council for Food Industries in cooperation with the Commercial Representation Authority on the Generalized System of Preferences (GSP). Antar explained that the value of Egyptian exports to the United States amounted to $3.3 billion during 2021, while Egyptian imports from the United States amounted to about $5.8 billion. He pointed out that the trade balance between the two countries favors America with a value of $2.5 billion, noting that the coverage ratio of exports to imports between Egypt and America is about 57%, which is a huge rate, especially with a country the size of the US, as it has never been achieved with major countries. 35.6% increase in the value of Egypt’s exports to the US through the GSP He pointed out that the value of Egypt’s exports to America through the “GSP” increased by 35.6% during the period from “January-November 2021” to record $266.6 million, compared to $196.7 million during the same period in 2020.
Antar noted that the most important items of Egyptian exports through the generalized system are (polyethylene, non-stick sheets, aluminum cans, barrels, plates and sheets, mattresses and glass panels, and non-woven products,) It also includes juice products, frozen vegetables, paints and varnishes, polypropylene, frozen strawberries, unpeeled or prepared grains, treacle, inactive yeasts, natural mineral products, jam and fruit jelly, marmalades and pickles, vegetables, fruits, nuts, gelatin and its derivatives. It is noteworthy that despite the suspension of the system at the present time, Egyptian exports to the United States are registered in one of three categories (QIZ – Generalized System of Benefits – Ordinary), and upon renewal of the Generalized System of Preferences , customs duties are refunded retroactively.