Egypt’s QIZ Exports Report 7% Fall In 4 Months

Egypt’s exports to the USA have hit around EGP 2.9 during the first four months of 2013 (from January to April), representing a decline of 7%, compared to EGP 3.1 billion during the same period a year earlier.

The Egyptian exports to the United States, as pursuant to the Qualifying Industrial Zone (QIZ) protocol, have recorded around EGP 1.6 billion, seizing the biggest share of the country’s exports to the USA, sources from the country’s Foreign Trade sector told Amwal Al Ghad on Thursday.

Ranked second, Egypt’s exports of furnishings to the USA have hit EGP 400 million; while the country’s exports of chemicals and fertilizers came third recording EGP 345 million.

The sources further noted that the decline was not foreseen at all as Egypt’s exports to the USA were expected to rise backed by the US dollar’s rise against the Egyptian currency. Yet, the sources said the coming phase will reap the fruits of the AmCham Egypt’s most recent Doorknock mission to Washington, DC through witnessing growing US demand for the Egyptian products.

It is worth noting that the American Chamber of Commerce in Egypt led by Gamal Muharam, had launched its Doorknock mission last April to the USA to kick off new deliberations with senior U.S. officials and members of Congress to strengthen the economic cooperation between the Egyptian private sector and its American counterpart. The Doorknock Mission has comprised 40 investors, who held as to 200 meetings with the Congress, the Obama administration and various research centers so as to transfer a positive image about investments in Egypt.