Egypt, Elsewedy review progress on Ain Sokhna phosphate complex    US employment cost index 3.6% up in year to June 2025    Egypt welcomes Canada, Malta's decision to recognise Palestinian state    Pakistan says successfully concluded 'landmark trade deal' with US    Sterling set for sharpest monthly drop since 2022    Egypt, Brazil sign deal to boost pharmaceutical cooperation    Modon Holding posts AED 2.1bn net profit in H1 2025    Egypt's Electricity Ministry says new power cable for Giza area operational    Egypt's Al-Sisi, Italian defence minister discuss Gaza, security cooperation    Egypt's FM discusses Gaza, Nile dam with US senators    Aid airdrops intensify as famine deepens in Gaza amid mounting international criticism    Egypt exports first high-tech potato seeds to Uzbekistan after opening market    Health minister showcases AI's impact on healthcare at Huawei Cloud Summit    On anti-trafficking day, Egypt's PM calls fight a 'moral and humanitarian duty'    Egypt strengthens healthcare partnerships to enhance maternity, multiple sclerosis, and stroke care    Egypt keeps Gaza aid flowing, total tops 533,000 tons: minister    Indian Embassy to launch cultural festival in Assiut, film fest in Cairo    Egyptian aid convoy heads toward Gaza as humanitarian crisis deepens    Culture minister launches national plan to revive film industry, modernise cinematic assets    I won't trade my identity to please market: Douzi    Sisi sends letter to Nigerian president affirming strategic ties    Two militants killed in foiled plot to revive 'Hasm' operations: Interior ministry    Egypt, Somalia discuss closer environmental cooperation    Egypt's EHA, Huawei discuss enhanced digital health    Foreign, housing ministers discuss Egypt's role in African development push    Egypt reveals heritage e-training portal    Three ancient rock-cut tombs discovered in Aswan    Sisi launches new support initiative for families of war, terrorism victims    Egypt expands e-ticketing to 110 heritage sites, adds self-service kiosks at Saqqara    Egypt's Irrigation Minister urges scientific cooperation to tackle water scarcity    Palm Hills Squash Open debuts with 48 international stars, $250,000 prize pool    On Sport to broadcast Pan Arab Golf Championship for Juniors and Ladies in Egypt    Golf Festival in Cairo to mark Arab Golf Federation's 50th anniversary    Germany among EU's priciest labour markets – official data    Paris Olympic gold '24 medals hit record value    A minute of silence for Egyptian sports    Russia says it's in sync with US, China, Pakistan on Taliban    It's a bit frustrating to draw at home: Real Madrid keeper after Villarreal game    Shoukry reviews with Guterres Egypt's efforts to achieve SDGs, promote human rights    Sudan says countries must cooperate on vaccines    Johnson & Johnson: Second shot boosts antibodies and protection against COVID-19    Egypt to tax bloggers, YouTubers    Egypt's FM asserts importance of stability in Libya, holding elections as scheduled    We mustn't lose touch: Muller after Bayern win in Bundesliga    Egypt records 36 new deaths from Covid-19, highest since mid June    Egypt sells $3 bln US-dollar dominated eurobonds    Gamal Hanafy's ceramic exhibition at Gezira Arts Centre is a must go    Italian Institute Director Davide Scalmani presents activities of the Cairo Institute for ITALIANA.IT platform    







Thank you for reporting!
This image will be automatically disabled when it gets reported by several people.



Investors warn of decline in Egyptian exports due to US debt crisis
Published in Almasry Alyoum on 15 - 08 - 2011

Investors and government officials in Egypt on Monday warned that the country's exports to the US and the European Union will be affected as the debt crisis in the Western world hits global demand.
Mohamed Bahi Ragy, executive director of the Trade and Industry Ministry's Export Development Fund, said Egypt's sitation will become precarious if the US fails to find radical solutions to its financial crisis in the next three months.
Ragy told Al-Masry Al-Youm that after the EU, the US is the second largest market for Egyptian exports.
He went on to say that garments and textiles are Egypt's main exports and any problems the industry will face will have huge repercussions as it has high employment rates.
Ragy added that the predicament facing Egyptian exports is not limited to the US market but Europe too. He explained that seven European countries are on the verge of bankruptcy and that some have announced austerity plans which will be followed by a decline in spending on household and electrical appliances, apparel and textiles.
Egypt's exports to the US during the 2009/2010 fiscal year amounted to US$4.5 billion, while total exports during the first nine months of the 2010/2011 fiscal year amounted to only US$2.7 billion.
Galal al-Zorba, the president of the Federation of Egyptian Industries and a board member of the American Chamber of Commerce in Egypt, said Egyptian companies exporting to the US have huge fears concerning the US crisis and its impact on demand.
Zorba added that US clients are requesting fewer exports in new contracts, fearing being unable to dispose of imported goods due to diminished consumer purchasing power.
Asked about government support for Egyptian companies, Zorba said the government's current situation does not allow it to confront situations of this magnitude or to endorse any industries.
He went on to say that there are no alternative markets as apparel and textile exports to the US almost bring in US$1.5 billion annually.
But Industry and Foreign Trade Minister Mahmoud Eissa told Al-Masry Al-Youm that the ministry will immediately deal with any problems that may arise in the Egyptian export market either through endorsements or by replacing the US market with nontraditional markets.
Translated from the Arabic Edition


Clic here to read the story from its source.