FINANCIAL NEWS

Unrest in Egypt causes exports to fall 6%

06 Feb 2011

(MENAFN) Egypt’s Trade Minister, Samiha Fawzi Ibrahim, said that the protests and curfew taking place in the country caused exports to drop 6 percent to $1.32 billion in January 2011, reported The Peninsula.

Ibrahim said that as an attempt to keep food prices in the markets balanced and prevent shortages, the government increased food supplies.

The minister added that the government spent $480 million in the past two days to finance wheat purchases for Egypt, which is considered the world’s biggest wheat importer.

It is worth noting that thousands are still protesting all over Egypt demanding that President Mubarak steps down.

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