Egypt’s Foreign Trade sector has unveiled to “Amwal Al Ghad” that the Egyptian imports throughout January-April 2013 recorded EGP 128 billion, decreased by 8.6%, compared to EGP 140 billion at the same period of 2014.
Informed sources in the sector stated that the key cause for declining the import’s bill is the currency devaluation (the dollar rises against Egyptian pound), consequently the prices of the imported products rose leading to lessening the demand on them whether by the consumers or the producers.
Ihab Derias, chairman of Egyptian Furniture Export Council (EFEC), has verified this decline by stating that the imports of furniture sector have sank due to the high cost, which reached to 30% during the past period; bringing about a kind of relative recession in the sector and the local market in general.
Egypt’s imports during that period focused on a number of sectors like the engineering industries, which amounted to EGP 40 billion out of the total value of the bill. While, the chemical industries sector’s imports reached EGP 20 billion followed by the building materials at a value of EGP 19 billion.