Egypt’s exports seen falling 25% as coronavirus batters trade and business – expert

Egypt’s exports are likely to tumble 25 percent this year, as the health crisis triggered by the coronavirus outbreak is disrupting trade fairs and industry conferences worldwide, an official said on Monday.

The flu-like virus, which originated in the Chinese city of Wuhan, is making it hard for the Egyptian government to reach its $30 billion export target set for 2020, Walid Helal, an official at the Egyptian-Chinese Business Council, told Amwal Al Ghad.

Several trade fairs and industry conferences in Egypt and overseas have been recently canceled due to travel curbs and concerns about the spread of the coronavirus, leading companies in Egypt to look for alternatives, Helal said.

These alternative tools could include more reliance on African markets, the last and safest haven for Egyptian investors following the major theatrical market disruptions in European territories and in Asia in recent weeks due to the coronavirus outbreak, he added.

Meanwhile, the Egyptian Exporters Association – ExpoLink (EEA), a nonprofit local member-based export-development society, is planning to send around 15 trade missions to several African countries such as Rwanda, Ethiopia, Morocco, and Uganda, its chairman Khaled El-Mikati said.