Egypt’s exports of chemical industries hit $2.875 billion in 7 months

Egypt’s exports of chemical industries hit $2.875 billion in 7 months

FILE - Fertilizers - Reuters







CAIRO - 21 September 2020: The Chemical and Fertilizers Export Council said the sector's exports hit $2.875 billion during the period from January to July 2020, compared to $3.372 billion recorded during the same period in 2019, with a 15% decline.

Chairman of the council Khaled Abul Makarem attributed the export decline to the coronavirus pandemic which has affected production in most global markets and also demand for chemical products.

Nevertheless, the sector's exports have already reached new markets in Italy, France, Spain and Argentina, the chairman added.

The sector's exports plummeted by 9% in July, registering $430.02 million, compared to during $470.84 during the same month last year, the chairman added.

However, they are expected to hit $5 billion by the end of 2020, buoyed by stable growth in production and foreign trade, Abul Makarem noted.