Egypt’s iron steel exports plunge 30% on arrears to exporters

Egypt’s iron and steel exports declined by 30 percent during the first half of 2019 as exporters haven’t received their dues from the export subsidies programme estimated at one billion Egyptian pounds ($60.3 million), Samir Naaman, official at the export council for building materials.

Naaman ,head of the Division of construction materials production, further told Amwal Al Ghad that the delay in paying off the arrears of export subsidies has contributed to decreasing the competitiveness of the Egyptian steel in foreign markets.

Egyptian iron and steel exports during H1 of 2019  has declined to register $ 394 million  versus $ 560 million in the comparable period of 2018.

He added that the export subsidies when dispersed, the sector would be able to achieve exports of $1.083 billion which is  the same value as last year.

According a report by export council for building materials, Iron and steel were exported to at 57 countries, and for the  first time to 12 countries including Thailand, Romania, Sweden, China, Pakistan, Nigeria, Burkina Faso, Denmark, Rwanda, Somalia, Czech Republic and Switzerland.

Saudi Arabia  was on the top of the list, importing iron and steel from Egypt  worth $ 109.923 million in H1 2019 compared to $ 37.480 million during the same period of 2018, with an increase of 193 percent.

It was then followed United States  with exports of $ 32.973 million against $ 50,199 million, declining by  34 percent, while  Canada came  in third place with exports worth $ 28.017 million against $ 22 thousand, a growth rate of 124 percent.