Egypt’s QIZ Exports to USA Tumble to EGP1.7 billion in Q1

Egypt’s exports of ready-made garments to the USA, as pursuant with the Qualifying Industrial Zone Protocol (QIZ) during first quarter fell by 11% year-on-year to hit EGP 1.7 billion.

According to senior sources from Foreign Trade Sector, Egypt’s QIZ exports to the US market is planned to reach EGP 6 billion by the end of 2014. However, the decline shown in the Q1 results would not make this mission easy to be achieved.

From his part, Mohamed Kassem – Chairman of Egyptian Ready-Made Garments Export Council – attributed the Q1 QIZ results to the overall decline in world demand for clothes.