US Economy Recession Plunges Egypt’s Exports

The recession of the US economy led to decreasing the Egyptian exports of the ready-made garments to the US by 19% from January to October 2012, according to QIZ protocol; recording US$ 652 million, compared to US$ 809 million in 2011.

Mohamed Kassem, Chairman of Ready-made Garments Export Council, told Amwal Al Ghad that the decline of the US demand represents a setback for the Egyptian exports of ready-made garments, which the US market is one of its important markets.

He added that the council has already started to look for alternate markets to receive the Egyptian exports of ready-made garments; especially after the decline of US demand and Europeans demand, in Western Europe countries, Asia and Turkey.