{"id":597142,"date":"2019-07-17T03:57:59","date_gmt":"2019-07-17T03:57:59","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/2019\/07\/17\/egypt-proves-devaluation-isnt-always-a-panacea-for-exports-world-bank-report\/"},"modified":"2019-07-17T03:57:59","modified_gmt":"2019-07-17T03:57:59","slug":"egypt-proves-devaluation-isnt-always-a-panacea-for-exports-world-bank-report","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/egypt\/2019\/07\/17\/egypt-proves-devaluation-isnt-always-a-panacea-for-exports-world-bank-report\/","title":{"rendered":"Egypt proves devaluation isn\u2019t always a panacea for exports- World Bank report"},"content":{"rendered":"<p><a class=\"content-anchor\" id=\"tldr-story-03\"><\/a> <b>We can add Egypt to the growing list of countries that prove devaluation isn\u2019t always a panacea for export growth:<\/b> A few days ago <a href=\"https:\/\/enterprise.press\/stories\/2019\/07\/15\/does-currency-devaluation-actually-increase-exports-in-emerging-markets\/\">we covered new research<\/a> from the Bank of International Settlements and the Financial Times that helps to explain why, contrary to conventional thinking, devaluation is not always an easy fix for kick-starting sluggish export growth. At first glance, Egypt appears to be somewhat of a poster child for classical economics: The EGP lost over 10% of its value against the USD in 2016 and within two years exports had increased by almost a fifth, becoming the largest contributor to GDP growth. But while Egypt may be posting impressive export figures, these are mainly due to the country\u2019s ongoing petro-renaissance. Non-oil exports, on the other hand, have seen little benefit from the float. A new <a href=\"https:\/\/ent.news\/2019\/7\/1822.pdf\">World Bank report (pdf)<\/a> helps to explain why this has been the case.<\/p>\n<p><b>We have product issues:<\/b> The bulk of Egypt\u2019s non-oil exports are made up of low-value-added or traditional products. The country has been successful in expanding the number of products it exports, but the largest of these have mainly been in areas where the country does not have a comparative international advantage. And while Egypt\u2019s competitiveness has been growing in some products, many of these \u2014 such as cotton, fertilizers, and tobacco \u2014 are seeing a decline in global demand.<\/p>\n<p><b>We\u2019re not sufficiently integrated into the regional economy:<\/b> Despite our advantageous geographical location, Egypt is currently under-trading with 63% of destinations and at the same time over-trading with 20% of its markets. The product figures read a little better, with 53% of exports being under-traded and 13% over-traded \u2014 although some of the under-traded products are ones in which Egypt has a comparative advantage, such as textiles and fertilizers.<\/p>\n<p><b>Trade barriers remain problematic despite significant improvements:<\/b> While tariffs on the manufacturing sector have been significantly liberalized, primary products remain protected despite a relative relaxation of tariffs over the past decade. Heavy customs and trade regulations impose intensive documentation requirements, high clearance costs, and long, complex procedures.<\/p>\n<p><b>Our connectivity could be better:<\/b> Physical connectivity to markets is weak due to limited domestic transport infrastructure. Almost all exported goods are transported domestically via road, which is inefficient and wasteful in comparison to rail. And in the most recent Logistics Performance Index, Egypt underperforms on customs, tracking and tracing, increasing the cost and unreliability of import and export supply chains.<\/p>\n<p><b>What can we do? <\/b>The report suggests that we start by tapping new export sectors and markets with a special focus on higher value-added and tech products \u2014 incentives offered by the government could go a long way in encouraging producers to get on board with that. The World Bank also suggested that Egypt start investing in research and technology development to better compete with other countries.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>We can add Egypt to the growing list of countries that prove devaluation isn\u2019t always a panacea for export growth: A few days ago we covered new research from the Bank of International Settlements and the Financial Times that helps to explain why, contrary to conventional thinking, devaluation is not always an easy fix for [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":597143,"comment_status":"closed","ping_status":"open","sticky":false,"template":"single-feature.php","format":"standard","meta":{"_acf_changed":false,"newspack_ads_suppress_ads":false,"newspack_popups_has_disabled_popups":false,"newspack_sponsor_sponsorship_scope":"","newspack_sponsor_native_byline_display":"inherit","newspack_sponsor_native_category_display":"inherit","newspack_sponsor_underwriter_style":"inherit","newspack_sponsor_underwriter_placement":"inherit","ep_exclude_from_search":false,"_primary_brand":0,"newspack_featured_image_position":"","newspack_post_subtitle":"","newspack_article_summary_title":"Overview:","newspack_article_summary":"","newspack_hide_updated_date":false,"newspack_show_updated_date":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[8572],"tags":[72,11167,2380,69,321],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-597142","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-speed-round","tag-enterpriseam","tag-international-markets","tag-speed-round","tag-tax","tag-world-bank","wpautop","entry"],"acf":{"mongo_id":"6eba37bd-f7f9-49d4-956b-ebbe33d994e9","is_powered_by":true,"section_story_id":"e5a66093-d05d-4be9-a33c-0980fed93da5","story_type":"1","photo_url":"https:\/\/ent.news\/2020\/2\/120.jpg","photo_position":"above","related_issue":[597133],"teaser":"","voice_url":""},"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v27.1 (Yoast SEO v27.1.1) - 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Not always. The depreciation of emerging-market currencies may actually result in falling exports, research by the Bank of International Settlements (BIS) and the FT suggests. Conventional wisdom tells us that a weakening currency makes exporters more competitive in the international market, causing an increase in\u2026","rel":"","context":"In &quot;THE MACRO PICTURE&quot;","block_context":{"text":"THE MACRO PICTURE","link":"https:\/\/enterpriseam.com\/egypt\/category\/the-macro-picture\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2019\/7\/980.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":637476,"url":"https:\/\/enterpriseam.com\/egypt\/2017\/11\/16\/egypt-to-export-cherimoyas-following-egp-devaluation-vietnam-now-open-to-citrus-exports\/","url_meta":{"origin":597142,"position":1},"title":"Egypt to export cherimoyas following EGP devaluation, Vietnam now open to Citrus Exports","author":"enterpriseam admin","date":"16 November 2017","format":false,"excerpt":"Egyptian producers have started being able to export cherimoyas following the EGP devaluation, according to Fresh Plaza. \u201cWe could not export any significant amount of cherimoya before because of the high prices they reached \u2026 after the liberalization of exchange rates, international markets returned to an acceptable price,\u201d George Barsoum\u2026","rel":"","context":"In &quot;Basic Materials + Commodities&quot;","block_context":{"text":"Basic Materials + Commodities","link":"https:\/\/enterpriseam.com\/egypt\/category\/basic-materials-commodities\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/internal\/536550.png?resize=350%2C200&ssl=1","width":350,"height":200},"classes":[]},{"id":549101,"url":"https:\/\/enterpriseam.com\/egypt\/2022\/09\/04\/the-return-of-foreign-money-rests-on-outcome-of-imf-talks-devaluation-plans-bloomberg-says\/","url_meta":{"origin":597142,"position":2},"title":"The return of foreign money rests on outcome of IMF talks, devaluation plans, Bloomberg says","author":"enterpriseam admin","date":"4 September 2022","format":false,"excerpt":"Still more from Bloomberg on our FX challenges: Protracted negotiations with the IMF over a new loan and risk of further devaluation are putting more pressure on the local debt market, Bloomberg writes \u2014 it\u2019s the latest in a long string of stories from the business information service (and on\u2026","rel":"","context":"In &quot;Economy&quot;","block_context":{"text":"Economy","link":"https:\/\/enterpriseam.com\/egypt\/category\/economy\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2022\/9\/108.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":646111,"url":"https:\/\/enterpriseam.com\/egypt\/2017\/06\/06\/export-orders-in-egypt-grew-at-record-pace-pmi\/","url_meta":{"origin":597142,"position":3},"title":"Export orders in Egypt grew at record pace -PMI","author":"enterpriseam admin","date":"6 June 2017","format":false,"excerpt":"New export orders growing at survey-record pace was the highlight of an otherwise disappointing May reading of yesterday\u2019s Emirates NBD Egypt PMI. The gauge came in at 47.3, broadly unchanged from last month\u2019s 47.4. Overall business conditions worsened in May, marked by reductions to output and new orders. The rate\u2026","rel":"","context":"In &quot;Speed Round&quot;","block_context":{"text":"Speed Round","link":"https:\/\/enterpriseam.com\/egypt\/category\/speed-round\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/internal\/536550.png?resize=350%2C200&ssl=1","width":350,"height":200},"classes":[]},{"id":567206,"url":"https:\/\/enterpriseam.com\/egypt\/2020\/01\/15\/fmcg-manufacturer-talks-making-it-in-a-highly-competitive-and-troubled-industry\/","url_meta":{"origin":597142,"position":4},"title":"FMCG manufacturer talks making it in a highly competitive and troubled industry","author":"enterpriseam admin","date":"15 January 2020","format":false,"excerpt":"Have no fear, your favorite podcast is here: Making It is back for its first episode in 2020, featuring a FMCG manufacturer that is always present at your local koushk. And you know how the saying goes: Behind every good snack food, there\u2019s a good story. He describes himself as\u2026","rel":"","context":"In &quot;Speed Round&quot;","block_context":{"text":"Speed Round","link":"https:\/\/enterpriseam.com\/egypt\/category\/speed-round\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2020\/1\/611.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":567053,"url":"https:\/\/enterpriseam.com\/egypt\/2020\/01\/12\/egypts-economy-to-grow-5-9-this-year-world-bank\/","url_meta":{"origin":597142,"position":5},"title":"Egypt\u2019s economy to grow 5.9% this year -World Bank","author":"enterpriseam admin","date":"12 January 2020","format":false,"excerpt":"Egypt\u2019s economy to grow 5.9% this year -World Bank: Egypt\u2019s economy is expected to grow at a 5.9% clip in FY2020-2021, with the growth rate set to accelerate to 6% in FY2021-2022 and remain at that level throughout the following fiscal year, according to the World Bank\u2019s Global Economic Prospects\u2026","rel":"","context":"In &quot;Speed Round&quot;","block_context":{"text":"Speed Round","link":"https:\/\/enterpriseam.com\/egypt\/category\/speed-round\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2020\/1\/567.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]}],"_links":{"self":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts\/597142","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/comments?post=597142"}],"version-history":[{"count":0,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts\/597142\/revisions"}],"acf:post":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/issue\/597133"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/media\/597143"}],"wp:attachment":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/media?parent=597142"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/categories?post=597142"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/tags?post=597142"},{"taxonomy":"brand","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/brand?post=597142"},{"taxonomy":"newspack_spnsrs_tax","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/newspack_spnsrs_tax?post=597142"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}