The economy is highly dependent on oil exports, which is its major source of foreign income together with tourism receipts and US financial and military aid. It has to import most of its food, other commodities and equipment, since both its agricultural and industrial sectors are not well-developed.
Since the 1990s, the government has pioneered several economic reforms through foreign donor aid. However, measurable benefits of these economic reforms are yet to be seen.
Egypt Trade: Exports
Egypt’s 2010 exports trade grossed over US$29 billion, a 22% surge from the previous year’s level.
Oil export is central to the Egyptian economy. Egypt produces 630,600 barrels of oil a day, and exports 155,200 barrels per day, approximately. However, the country has huge oil reserves, 37 billion barrels proven and potentially more in uncharted areas, which can act as fuel for the economy for coming decades.
Apart from crude oil and petroleum products, the country also exports metal products, cotton, textiles and chemicals. Before World War II, cotton made up 90% of Egypt’s exports, while cotton textiles had grown to 16% of exports by 1970. By 1985, however, oil had come to dominate trade, making up around 80% of exports.