Egypt’s Cosmetics exports fall 30% in H1

Egyptian cosmetics exports fell by 30 percent to $69 million during the first half of 2017 from $98 million during the same period in 2016.

The report of the Export Council of Medical Industries indicated that L’Oreal Cosmetics Egypt topped the list of the top exporters in the first half of this year, with $194 million, followed by Mashreq with $18.1 million.

Unilever Egypt came third with exports of $8.1 million, while Evyap Egypt ranked fourth with $3.8 million.

Johnson and Johnson Egypt came in fifth place with $2.7 million, followed by Royal Cosmetic in sixth with $1.9 million worth of exports.

Eva Cosmetics exported goods worth $1.78 million ranking seventh, one step ahead of Arma, which came in eighth with $1.76 million of exports.

Madar Group Egypt came in ninth place with exports of $1.34 million, followed by Johnson Wax Egypt tailing the list with exports valued at $1.33 million.

Nabila Ibrahim, a member of the Pharmaceuticals, Cosmetics, and Appliances Chamber of the Federation of Egyptian Industries (FEI), said that the political unrest in some neighboring countries is the main reason for the drop in exports during the first half of this year.

She added that there were export contracts already signed with countries such as Tunisia and Libya, but the unrest occurring in those countries prevented companies from exporting.

She pointed out that, despite the appreciation of the dollar price against the Egyptian pound, demand is still down on Egyptian products.

She added that Arab countries are considered the largest consumer of Egyptian products, yet, they are suffering economic problems in the current period, forcing them to lower their imports from Egypt.

Source: Daily news