Khaled Abu El Makarim, chairman of the export council for chemicals and fertilisers, explains that the cause of the current decline in the volume of Egyptian exports to the European market is the low value of the Euro.
Abu El Makarim adds that the Euro’s decline by 18 per cent from last year has an impact on export values, especially as 40 per cent of the exports from the chemical industries sector are moving into the European market, UAE-based Aliqtisadi reports.
The president of the council announced the resumption of promotional missions to visit the United States during the first quarter of next year, which will include representatives of the three major sectors, carbon, paper, plastic, and glass containers.
He notes that the mission will include bilateral arrangements to increase export volume by about 30 per cent.
He points out that the coming period will witness more focus on the European and American markets, as well as the quantitative and qualitative development of Egyptian exports to the African market.
It is noteworthy that the last two years have seen a clear focus on the African market. Despite the importance of this market, the export size does not exceed ten per cent of the volume of exports to the US market and 15 per cent of the volume of exports to the European market.
Also noteworthy is the previous announcement by Abou El Makarem that the sector aims to achieve exports worth EGP13.5bn by the end of 2015, indicating that the plastics and rubber sector succeeded in achieving exports worth EGP12.1bn during 2014, an increase of 45 per cent from exports in 2013.
(EGP1 = AED0.47, at the time of publishing)