Egypt: Natural Resources

The home of the Egyptians is also home to many natural resources. Egypt has a plethora of important resources, however; some of the most valuable are: petroleum, iron ore, limestone, phosphates, talc, gypsum, lead, and zinc. [1] There are many other resources that prove themselves to be exceptionally important to the development of Egyptian society such as: the Nile River, papryus, and honey. [2] The Nile was especially a pivotal and necessary resource in developing a successful Egyptian society, mostly in the ancient era, however it is still a largely used resource. Travel and commerce, as well as the fertile soil and river basin around the Nile causes it to be a utilized natural resource of Egypt. [3]

Since Egypt borders the Mediterranean Sea, Egypt has access to some huge sea beds that are filled with oilfields, hence where the petroleum comes from.  Egypt's oil production has, in the last few years, overtaken Egypt's oil consumption. [5] As of March 2015, BP (oil company) has signed a contract with Egypt for 12 billion dollars to develop natural gas there, intended for sale in 2017. [6]

[4]

In reference to Egypt's trading balance and systems, their largest export from the nation is oil by a landslide. Egypt exports 155,200 barrels of oil on a daily basis. [7] These numbers allow Egypt's economy to remain the 62nd largest export country in the world. However; Egypt's exports are not nearly as significant as its imports. Egypt has a large trade deficit, in that its imports heavily outweigh its exports for many years and continue to do so. Egypt has had a negative trade balance since around 1980. The United States is one of the larger sources of imports to Egypt, coming in as more than 10% of the yearly total imports. Food, equipment and wood products are the main items of import. [8]




[1] http://www.indexmundi.com/egypt/natural_resources.html
[2] http://www.mapsofworld.com/egypt/natural-resources/
[3] http://historylink101.com/n/egypt_1/a-natural_resources.htm
[4] http://cctv-africa.com/wp-content/photo-gallery/2016/04/2882-oil-derr_article.jpg
[5] https://en.wikipedia.org/wiki/Economy_of_Egypt#Natural_resources
[6] http://www.nytimes.com/2015/03/07/business/international/bp-signs-12-billion-deal-to-develop-natural-gas-in-egypt.html?_r=1
[7] http://www.economywatch.com/world_economy/egypt/export-import.html
[8] Ibid.