3% decline in Egyptian exports in July: report
Minister of Industry and Trade Mounir Fahkry abdelnour - YOUM7 (Archive)

CAIRO: Egyptian goods exports declined three percent in July to 10.6 billion EGP, compared to 10.9 billion EGP in 2013, the Ministry of Industry and Trade announced in its monthly statistical bulletin Saturday.

There was a 3.6 percent surge in Egyptian exports to value at 94.07 billion in the last seven weeks compared to 90.6 billion EGP during the same period in 2013, according to the report.

Head of Chemicals Export Council Sherif Al-Zayat attributed the decline in July exports to the decline of a number of exports councils’ performances such as building materials, chemicals, food staff, and readymade garments councils, Ahram news gate reported.

Building materials industries witnessed a nine percent decline, 33 percent decline in chemical industries, and 11 percent decline in food staff since last year, Zayat said.

“Besides the reduction of a number of exports councils, the recent political unrest in Arab countries such as Libya, Iraq, and Syria have negatively impacted Egypt’s exports rates,” he said. Libya was the biggest negative effect on the market with 52 percent decline in exports’ rate.

“The exports edged down also because of the shortage in energy supply for factories that impacted production,” he added.

Head of Building Materials Export Council Walid Gamal Al-Din requested the government to solve exports problems in the long run to control exporting measures. Solving the 30 percent shortage of energy supply and the frequent power cuts would improve production and, in turn, exports, Ahram reported him as saying Saturday.

“The export sector is considered a major core element to flourish and rebound the economy and, in that regard, the government should pave the way to revive this sector,” Minister of Planning Ashraf Al-Araby said on June 5.

“Bringing up hard currencies, diversifying state resources of profits, and more investments are the major advantages of the exportation sector,” he said.

In its developmental plan to flourish the sector, the ministry will put in 2.6 billion EGP for the 2014-15 new budget, Arabi said. The government will direct the sums to remove some sector obstacles, activate new mechanism to finish exportation measures quickly, and open new horizons for exports by sending delegations.

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