Egypt’s chemical exports suffered a major slump of 38 per cent in the first half of the current year and stood at $1.4 billion from $2.2bn in the same period last year.
The president of the Chemicals and Fertilizers Export Council, Khaled Abu al-Makarim, said the sector’s exports sank significantly by 40 per cent in June to $208 million from $349m during the same month last year, Youm7 reports.
In June, Turkey accounted for 23 per cent of Egypt’s chemical exports followed by France (13 per cent), Saudi Arabia (12 per cent), Kenya and Sudan (eight per cent) and Spain, Brazil and Libya with seven per cent.
Abu al-Makarim said the decline in the country’s chemical exports was mainly driven by the lower value of the euro, noting that 53 per cent of Egypt’s chemical exports go to Europe, namely to Britain, France, Italy, Spain and Belgium.
Other reasons of the decline include higher cost of production and support services such as storage, transport and shipping.
The official also spoke about the higher prices of petrol and the failure to provide producers with adequate quantities of natural gas so they can operate at full capacity.