The Egyptian Ready-to-Wear Export Council announced that the sector’s exports increased by 22% in 2022 and hit a record $2.516 billion for the first time in history, up from $2.063 billion in 2021.
A report from the Apparel Export Council shows that the United States of America leads the country importing apparel from Egypt, with a value of $1.317 billion in 2022, up from $1.181 billion in 2021, an increase of 11%. Exports to Europe also increased by 31%. %, to a record $504 million from $386 million. Exports to Turkey increased by 113% in 2022 to a record $162 million from $76 million in 2021.
Marie-Louis Bishara, head of the Ready-to-Wear Exports Council, confirmed that the sector has set a target of $2.5 billion in exports, and the Council has also put in place an annual increase plan aiming to achieve 20% to 30% growth. for 2023, with a focus on the importance of creating the right climate and ensuring that the industry is properly funded.
Marie-Louise Bishara praised the launch of the Council of Ministers’ initiative to support the industrial and manufacturing sectors in the amount of 150 billion Egyptian pounds at an interest rate of 11% for a period of 5 years, noting that this step contributes to supporting industrial investment and expansion in the coming period, especially since that this is coming at a difficult time as a result of economic conditions and a significant increase in oil prices. Interest rates. We also hope that the banking sector will insure exports at a low interest rate to support the increase in the cost of exports due to the current high insurance tariff.
Marie-Louis stressed in today’s statement that the government needs to expand initiatives to support industry and deepen local industrialization, and discuss the vision of exporters and manufacturers to develop the industrial and export sector at a critical time amid global economic turmoil and the impact of export sectors, which puts support export spinning manufacturing sectors. Textiles and clothing are an absolute must.
Marie-Louis emphasized that the Ready-Made Garment Export Council is aware of the current phase the economy is going through and appreciates the efforts of the Egyptian government to support the national industry, emphasizing the need for exporters in the garment sector to be involved in building a full vision of all the challenges the industry is facing, ways to solve them and proposals for their solution from the interested bodies.
Marie-Louise Bishara emphasized the need to provide export support within a period not exceeding 40 days from the date of submission of invoices to provide the necessary liquidity for factories, as well as work to reduce the procedures of the State Industrial Development Authority and facilitate the clearing process. the necessary documents to facilitate the sector and provide tax exemption for a period of 2 to 3 years. Encouraging investment, including in large industrial areas, and providing incentives to factories in Upper Egypt to cover the first years of expenses for poor infrastructure and lack of service, as well as reduce customs clearance fees ACI.
Source: Egyptian media.
