By using this site, you agree to the Privacy Policy and Terms of Use.
Accept
DailynewsegyptDailynewsegypt
  • Home
  • Business
    BusinessShow More
    architecture House Zero in Austin, Texas, is a 2,000-square-foot home that was built with 3D-printed concrete. Lake Flato Architects
    3D printing promises to transform architecture forever – and create forms that blow today’s buildings out of the water
    April 2, 2023
    CBE considers raising banks' reserve requirement
    Central Bank of Egypt considers raising banks’ reserve requirement
    April 1, 2023
    Banks discuss amending interest rates on their savings, loan products
    Banks discuss amending interest rates on their savings, loan products
    April 1, 2023
    Egypt, EU discuss cooperation in economy, migration
    Egypt, EU discuss cooperation in economy, migration
    April 1, 2023
    Hermes Brokerage tightens its grip on EGX trading in 1Q 2023
    Hermes Brokerage tightens its grip on EGX trading in 1Q 2023
    April 1, 2023
  • Politics
    PoliticsShow More
    Egyptian president Sisi says fight against terrorism not less significant than Egypt's October War victory
    Egyptian president says fight against terrorism not less significant than October War victory
    April 2, 2023
    Syrian FM visits Egypt for 1st time in over 10 years
    Syrian FM visits Egypt for 1st time in over 10 years
    April 2, 2023
    Ramadan fasting is related with leniency in legal system: Study
    Ramadan fasting is related with leniency in legal system: Study
    April 1, 2023
    Egypt renews its support for comprehensive political settlement in Syria: Shoukry
    Egypt renews its support for comprehensive political settlement in Syria: Shoukry
    April 1, 2023
    Ugandan president says peacekeepers will help stabilize eastern DR Congo
    Ugandan president says peacekeepers will help stabilize eastern DR Congo
    March 31, 2023
  • Interviews
    InterviewsShow More
    Developers have to offer innovative products, state should provide more facilities to stimulate industry: Kareem Mamoun
    Developers have to offer innovative products, state should provide more facilities to stimulate industry: Kareem Mamoun
    March 27, 2023
    Government should help Egyptian arts revive its pioneering role: Omar Abdel Aziz
    Government should help Egyptian arts revive its pioneering role: Omar Abdel Aziz
    March 15, 2023
    Interconnected healthcare systems in Africa require political will from North African leaders: Amref official
    Interconnected healthcare systems in Africa require political will from North African leaders: Amref official
    March 12, 2023
    EGX ready for government’s IPOs programme: Chairperson
    EGX ready for government’s IPOs programme: Chairperson
    February 15, 2023
    British International Investment invests $4.5bn in 700 businesses across Africa: Sherine Shohdy
    February 15, 2023
  • Culture
  • Opinion
  • Sports
  • Lifestyle
Reading: Egypt expects $5.8bn of chemical industries exports in 2021: Official
Share
Notification
Latest News
architecture House Zero in Austin, Texas, is a 2,000-square-foot home that was built with 3D-printed concrete. Lake Flato Architects
3D printing promises to transform architecture forever – and create forms that blow today’s buildings out of the water
Real Estate Culture
Succession recap: season 4, episode 1, "The Munsters"
Succession season 4: Powerhouse ensemble drama masterfully sets up series finale in first episode
Lifestyle
Egyptian president Sisi says fight against terrorism not less significant than Egypt's October War victory
Egyptian president says fight against terrorism not less significant than October War victory
Politics Egypt
Syrian FM visits Egypt for 1st time in over 10 years
Syrian FM visits Egypt for 1st time in over 10 years
Egypt Politics
The Secret Behind Lobna Wanas’ Younger Appearance in “Jaafar El Omda”
Cinema Egypt
Aa
Aa
DailynewsegyptDailynewsegypt
  • Home
  • Business
  • Politics
  • Interviews
  • Culture
  • Opinion
  • Sports
  • Lifestyle
  • Home
  • Business
  • Politics
  • Interviews
  • Culture
  • Opinion
  • Sports
  • Lifestyle
Have an existing account? Sign In
Follow US
  • Advertise
© 2023 DNE News. All Rights Reserved.
Dailynewsegypt > Blog > Business > Industry > Egypt expects $5.8bn of chemical industries exports in 2021: Official
BusinessIndustryTrade

Egypt expects $5.8bn of chemical industries exports in 2021: Official

Shaimaa Al-Aees
Last updated: 2021/02/15 at 4:49 PM
By Shaimaa Al-Aees 3 Min Read
Share
Egypt expects $5.8bn of chemical industries exports in 2021: Official
Egypt expects $5.8bn of chemical industries exports in 2021: Official
SHARE

Egypt’s chemical industries sector will see an export of about $5.8bn over 2021, according to Khaled Abu Al-Makarem, Chairperson of the Chemical and Fertilizers Export Council.

Abu Al-Makarem added that his expectations for the sector’s exports will come about should chemical industries exports achieve a growth rate of 10% compared to 2020.

He said that, despite the decrease in chemical industries exports during the last two years, they still achieved a growth rate of 11% annually in the five-year period between 2015 and 2020.

Abu Al-Makarem noted that Egypt has adopted several procedures to stabilise production and exports, namely commencing with the disbursal of late dues to exporters from the Export Subsidy Programme. This has taken place in cooperation with the Ministry of Finance and Export Development Fund.

In addition to this, the Central Bank of Egypt (CBE) has implemented its initiative to settle the debts of those companies which have defaulted on their dues. This initiative will remain in place until these companies regain their business. The entry into enforcement of Egypt’s agreement with Mercosur countries will also ensure that the country’s exports receive a boost.

According to the annual report of General Organization for Export and Import Control (GOEIC), chemical industries exports in 2020 amounted to $5.238bn, a decrease of 8% compared to 2019.

Abu Al-Makarem noted that the performance of non-oil exports distributed among various sectors experienced a decline to roughly $6.6bn in 2020, compared to about $27bn in 2019. This reflected a decrease of 2% between the two years.

The data indicates a decline in performance of exports across most chemical industries commodities, except for fertiliser exports, which rose by 5% compared to 2019.

The fertilisers segment saw its exports reach a value of $1.426bn, with exports of paints rising by 3% to reach $200m, and organic chemicals seeing an increase of 5% to record $183m.

Abu Al-Makarem pointed out the most important reasons for the decline in chemical industry exports in 2020, apart from the novel coronavirus (COVID-19) pandemic, including the decline in global trade movement.

Other aspects affecting this segment’s exports include the deterioration of the value of the Turkish lira in front of free currencies, which led to a decline in the country’s domestic market demand for Egyptian exports.

The chemical industries exports to the Turkish market amounted to $766m, an increase of 12% compared to 2019. It took into account that chemical industries exports represent 50% of the total non-oil exports to the Turkish market.

You Might Also Like

3D printing promises to transform architecture forever – and create forms that blow today’s buildings out of the water

Central Bank of Egypt considers raising banks’ reserve requirement

Banks discuss amending interest rates on their savings, loan products

Egypt, EU discuss cooperation in economy, migration

Hermes Brokerage tightens its grip on EGX trading in 1Q 2023

TAGGED: Chemical and Fertilisers Export Council, chemical industries, Exports
Share this Article
Facebook Twitter Email Print
Previous Article Tourism Minister follows up on Grand Museum construction, promotion Tourism Minister follows up on Grand Museum construction, promotion
Next Article Planning Minister discusses economic empowerment in villages under ‘Decent Life’ initiative Planning Minister discusses economic empowerment in villages under ‘Decent Life’ initiative
Ad image

Stay Connected

Facebook Like
Twitter Follow
Instagram Follow
Youtube Subscribe

Latest News

architecture House Zero in Austin, Texas, is a 2,000-square-foot home that was built with 3D-printed concrete. Lake Flato Architects
3D printing promises to transform architecture forever – and create forms that blow today’s buildings out of the water
Real Estate Culture
Succession recap: season 4, episode 1, "The Munsters"
Succession season 4: Powerhouse ensemble drama masterfully sets up series finale in first episode
Lifestyle
Egyptian president Sisi says fight against terrorism not less significant than Egypt's October War victory
Egyptian president says fight against terrorism not less significant than October War victory
Politics Egypt
Syrian FM visits Egypt for 1st time in over 10 years
Syrian FM visits Egypt for 1st time in over 10 years
Egypt Politics
//
Egypt’s only independent daily newspaper in English. Discuss the country’s latest with the paper’s reporters, editors, and other readers.

Quick Link

  • Home
  • Business
  • Politics
  • Interviews
  • Culture
  • Opinion
  • Sports
  • Lifestyle

Sign Up for Our Newsletter

Subscribe to our newsletter to get our newest articles instantly!

© 2023 DNE News. All Rights Reserved.

Join Us!

Subscribe to our newsletter and never miss our latest news, podcasts etc..

Zero spam, Unsubscribe at any time.

Removed from reading list

Undo
Welcome Back!

Sign in to your account

Lost your password?