Marie-Louis Bishara, President of the Readymade Garment Export Council, has declared a 25% surge in garment sector exports for the initial two months of 2024, reaching $464m, up from $371m during the same period in 2023. This significant growth marks a strong start to the year and signals further positive trends for the sector, bolstered by the council's ongoing efforts to enhance export volumes. The Council has expressed its gratitude for the introduction of the seventh initiative aimed at alleviating export-related burdens, acknowledging it as a timely measure to support factories and businesses in meeting their fixed commitments. Bishara noted that the United States remains Egypt's primary import market, with transactions totaling $187m in early 2024, a 13% increase from $166m. Additionally, the sector's exports to European nations have soared by 42%, amounting to $107m, compared to the previous $75m. According to Bishara, Turkey imported $36m worth of clothing sector products in January and February 2024, marking a 15% rise from $31m. Exports to Spain reached $25m, up 41% from $18m, while those to Germany climbed to $22m from $18m, reflecting a 19% growth. Exports to Arab nations have also seen a substantial 35% boost, totaling $100m in the first two months of 2024, up from $74m. Sales to Saudi Arabia skyrocketed by 90%, hitting $25m compared to $13m, and the Libyan market experienced a staggering 216% increase, with exports reaching $20m, up from $6m. The Readymade Garment Export Council is organizing a trade mission to Spain, involving 26 sector companies, highlighting Spain's role as a key commercial ally and one of the largest European importers of Egyptian clothing. Accounting for 5% of the sector's total exports at $126m in 2023, the Council is keenly focusing on this market through the upcoming trade mission. This mission, scheduled for 7-11 May 2024, in Barcelona, is a collaborative effort with the Trade Reform and Development in Egypt (TRADE USAID). It will feature 23 ready-made clothing companies and three fabric manufacturers, facilitating bilateral and direct interactions between the participating factories, buyers, and prominent Spanish brands.
