Egypt’s chemical exports are expected to hit $5.5 billion by the end of the year, supported by the economic stability and government’s keenness to provide urgent solutions to urgent problems, Chairman of the Chemical Export Council (CEC) Khaled Abu El Makarem said Monday.
Addressing the CEC’s 12th meeting, Abu El Makarem added that the sector’s exports grew by 33 percent last year to reach $ 4.46 billion despite the high cost of production inputs, and the effects of the exchange rate liberalization.
He further noted that the conflicted countries such as Syria, Yemen, Libya and Iraq, are among the most important markets for the Egyptian chemical industry.
Many of the sector companies have been able to achieve an increase in sales in the domestic market to meet its needs after the decline of imports, CEC chairman said.
He added that Turkey has came first in regards to most important importers of the sector capturing $ 1 billion followed by France, Spain, Belgium, and Saudi Arabia
Exports to the Kenyan market rose by 5 percent compared to the previous year, thanks to the opening of a 50,000 square meters logistics center to export goods to neighboring countries through Mombasa port, he added.