Egypt targets between 20 and 25 percent increase in its leather exports within 2018, said Mahmoud Serg, Leather Export Council of Egypt’s (LEC) chairman, on Wednesday.
“LEC’s scheme focuses on opening new markets in West and East African countries, including Kenya, Guinea, Uganda, Burundi, Rwanda, Senegal, and Nigeria as well as a number of other markets; Sweden, Norway, Denmark, Netherlands, and Russia,” Serg further told Amwal Al Ghad.
The council also plans to impose value-added tax (VAT) on leather products and increase the exports value within 2019, the Egyptian official stated, adding that exports fell by 13 percent during 2017.
Serg said that LEC has earlier signed an agreement with African Development Bank (AfDB) to offer loan guarantees up to 80 percent.
“Egypt’s leather exports dropped by 11 percent to around $107 million during the January-November 2017 period from $120 million during the same period in 2016,” Serag said.
These exports represented one percent share out of total Egyptian exports during the January-November 2016 period, he noted.
10 countries captured 93 percent stake, recording about $99.35 million of the Egyptian leather exports during the first 11 months of 2017, especially Portugal seized $30.55 million followed by Italy of $30.55 million, he clarified.
Serag added that Spain was in the third position of attaining Egyptian exports worth around $19.28 million, followed by China of $9.8 million and India of $8.51 million.