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CAIRO, Sept 24 , 2018(MENA) - Exports of the readymade garments sector increased to $907 million during the first seven months of 2018 compared to $824 million in 2017 with an increase of 10%, the Readymade Garments Export Council Of Egypt (RMGEC) said in a report on Monday.

The council said that it targets achieving exports worth $1.7 billion in 2018 with an increase rate of 15 per cent compared to last year.

The US comes at the top of countries importing readymade garments from Egypt with exports to its market reaching $480 million, RMGEC said. Europe followed by $306 million's worth of imports, it added. 

 

CAIRO, Sept 23, 2018 (MENA) - Egypt's exports to the Russian market have increased tangibly during the first half of this year reaching $402.4 million, compared with dlrs 360.6 million during the same period in 2017.

The industrial sector witnessed an increase in exports of household appliances that reached 224%, registering $14.66 million, compared with $4.53 million during the same period last year, according to a report on Egypt's exports to the Russian market during the first half of this year.

Exports of detergents and soap reached $3.7 million, against $1.5 million during the same period last year.

Egypt's exports of carpets amounted to $2 million during the first half of this year, compared with around $1.97 million during the same period last year.

Home textiles exports increased to reach $1.1 million, compared with $880,000 during the same period last year.

Exports of foodstuffs increased by 103% reaching $19.93 million, compared with around $9.7 million during the same period last year, according to the report.

CAIRO, Sept 19 , 2018 - Minister of Trade and Industry Amr Nassar met the Head of the Egyptian-French Business Council, Fouad Younes, with whom he discussed ways the council could be effective in boosting economic relations between Egypt and France.

In a statement released by the ministry on Wednsday, Nassar said that the council was focusing on two main factors: Attracting French investments to Egypt and boosting Egyptian exports to French markets.

French investments here stand at about four billion Euros in 150 projects.

Nassar spoke of benefiting to the maximum from the council. This was especially important, he said, as Egypt represents one of the European Union’s most important trading partners.

He referred to the role of the council in supporting the flow of trade, and encouraging the French private sector to carry out new investment projects in Egypt.

The minister also said that discussions were taking place to prepare for Egyptian fashion week in 2020 so as to be one of the most significant international fashion weeks in the world.

 This, he said, would contribute to promoting Egyptian trademarks.

The government aimed at restoring Egypt’s international position in the field of textiles and ready-made garments through upgrading the designs as well as the textile and clothing industry, Nassar said.

He added that upgrading the design and fashion industry in Egypt was of paramount importance because it contributes to putting Egypt on the map of the international fashion weeks which are held annually in major cities around the world.

In another development, Minister of Investment and International Co-operation Sahar Nasr on Wednsday asserted Egypt’s keenness on boosting economic co-operation with Germany and increasing German investments in the light of the strategic relations between the two countries.

“Egypt wants Germany to be one of the top countries investing in Egypt,” Nasr said during her meeting with the Director-General of the German Federal Ministry for Economic Co-operation and Development Claudia Warning and the  Head of Development Co-operation with the Middle East, Klaus Kramer.

Germany, Nasr said, is now in the 20th position in terms of countries investing in Egypt with investments worth $641.4 million having 1,103 companies investing in chemicals, petroleum, communications, gas, cars and steel sectors.

“The ministry is supporting private sector investment. Therefore, legislative reforms have been made to facilitate measures for investors, including the investment law, its executive statute and modifications to the corporate and money market laws,” Nasr said.

By Gazette staff

CAIRO, August 29, 2018 - The Central Agency for Public Mobilisation and Statistics (CAPMAS) said on Wednesday that cotton exports during the third quarter of the agricultural season 2017-2018 rose to 160,100 qintars against 149,700 qintars during the same period in the previous season.

CAPMAS added that the total use of cotton domestically was 39,200 qintars during the above-mentioned period, against 93,000 qintars, which was a decline of 57.9 per cent. The reason was that there was a trend for spinning factories to use imported cotton, the bulletin added.

The amount of cotton that has been ginned was 47,700 qintars during the aforementioned period, against 55,000 qintars, which was a 14,4 per cent decline.

CAIRO, August 7, 2018 (MENA) - The Egyptian Food Export Council (FEC) said the value of Egypt food products' exports hit $ 1.44 billion in the first half of 2018.

In a statement released on Tuesday, FEC said Arab countries top the list of countries receiving Egyptian food exports with their imports' value amounting to $ 753 million, to be followed by the European Union whose imports of Egyptian food products was worth $ 213 million, then non-Arab African countries with $ 184 million, the US with $ 66 million and other world countries with $ 229 million.

Saudi Arabia tops the list of countries receiving Egyptian food exports with $ 150 million worth of imports, followed by Jordan, Libya, the US and the UAE, Yemen, Iraq, Germany, Morocco and Algeria, the council added in the statement.

As for the non-Arab African countries, Kenya ranked first among countries importing food products from Egypt, with its exports estimated at $ 30 million, followed by Madagascar, Ethiopia, South Africa, and Uganda, the statement said.

In the first five months of 2018, Egyptian food products were exported to 159 countries, 52 per cent of them were Arab states.

Frozen vegetables were on top of Egypt's food exports, followed by soft drinks, cheese, sugar, pickled olives, fruit juices, chocolates and baked products.

By the Gazette Editorial Board

Prices of fertilisers have recently risen dramatically due to the decrease in the quantities being provided by the factories to farmers via the Ministry of Agriculture.

 Some kinds of fertilisers have risen in price by around LE1,250 per tonne since the start of 2018. And this has had its effect on the summer crops which need around 2.2 million tons of fertiliser.

 Some experts attribute the price rise to the recent cuts in fuel and electricity subsidies along with price rises for production requirements. The fact is that most of the local factories produce for the export market. There are, after all, good profits to be made abroad on local products following the devaluation of the Egyptian pound against foreign currencies, mainly the US dollar.

 Despite the addition such a strategy could make to the state’s foreign currency reserves, directing most of the local output for export at a cost to the local market has a very negative effect on different sectors especially that of agriculture.

 Any reduction in arming requirements will eventually be reflected in the quality of the crops and their prices, whether consumed locally or abroad.

 The least the government could do is to ensure that the fertiliser factories meet domestic needs – estimated at 9.5 million tonnes per year – first. Egypt produces around 21 million tonnes of fertiliser per year. So it is really unacceptable that the farmers should find it difficult to obtain this basic need at a reasonable price.

 What has been said on the fertiliser crisis can also be applied to many other local products, such as fruits and vegetables. These have recorded a marked rise in export recently at a cost to local market needs.

 Those with big farms have been tempted by the high profits to be made by exports to foreign markets. This, however, helps make the prices of these basic foods rise on the local market. Added to this is the further expected increment to prices resulting from the cut in the fuel subsidy and the subsequent rise in transport costs for crops from farms to the wholesale markets where both wholesale and, eventually, retail merchants will expect to make a profit. The dramatic rise in prices of most kinds of summer fruits and vegetables, however, is basically due to the continuous increase in their export.

 Theoretically, any rise in exports helps cut a trade deficit and serves the national economy of the exporting country. This, however, shouldn't be at a cost to domestic need. The export of surpluses is the usual practice.

 Giving priority to exports shouldn't be the priority, especially in regard to basic foods and farming requirements. It boosts economic hardships for the majority of people, who struggle to meet their basic needs on limited incomes.

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