Egyptian Ready-Made Garments Export Council (RMGEC) plans to boost sector’s exports by 10 percent to record US$1.5 billion at the end of 2016, chairman Mohamed Kassem said Sunday.
Speaking to Amwal Al Ghad, Kassem said that sector’s exports declined by 17.3 percent during the first quarter of 2016 to record $286 million compared to $346 million a year earlier.
He clarified that this decline was due to the 19 percent-drop in sector’s exports to U.S. which seizes 52.4 percent of Egyptian ready-made garments.
During the first quarter of 2016, U.S. got Egyptian exports estimated at $150 million opposed to $186 million at the same period of 2015.
Kassem noted that Egyptian exports of ready-made garments to EU states decreased by 9 percent to $88 million versus $98 million, while garments exports to other states sagged by 22 percent from $48 million to $32 million.
There are three major markets seizing 85 percent of the Egyptian garments exports ; American, European, and Japanese. Thus, the council is searching for new markets for Egyptian exports beside enhancing their presence in European ones.
RMGEC has started promoting Egyptian ready-made garments in African markets thorough participating in exhibitions.
The council is currently preparing to launch Destination Africa initiative that plans to make Egypt a core for African markets’ approach.
Destination Africa is the first sourcing fair in Egypt that will take place on 11-12 November 2016.
It is set to be held in cooperation with the Egyptian Textile and Home Textile Export Councils as well as the Egyptian Exporters Association-Expolink (EEA), aiming at linking Egypt with all African states as a trade centre for textiles and readymade garments industry in Africa.
Destination Africa is expected to encompass around 75 Egyptian and African exhibitors and set to focus on presenting Egyptian textiles, the chairman said.