EFEC’s Head Says Sector Can’t Achieve Export Target in 2013

Ihab Derias, chairman of Egyptian Furniture Export Council (EFEC), stated that the sector’s export target, which reach EGP 2.9 billion by the end of 2013 and prepared by the Egyptian Ministry of Industry and Foreign Trade in its national plan to develop exports, is hard to attain.

The expectations were reduced, by the council, to EGP 2.5 billion in 2013, instead of EGP 2.9 billion; which targeted in the Ministry of Industry’s plan, said Ihab Derias.

Derias has pointed out that this expectation is due to the dollar crisis and the currency devaluation which negatively influenced the sector during the last period; resulting in raising the production costs whereas the furniture sector considerably depends on the imported inputs.

The council achieved EGP 362 million exports during January and February 2013, a slight rise from a year before, pursuant to data that “Amwal Al Ghad” got from the Foreign Trade Sector.