Egypt’s Chemical and Fertilisers Export Council expects to register EGP 8bn in exports by the end of this year due to many positive factors locally internationally.
The council announced that exports of chemical industries in the period from January to August 2022 amounted to $5.71bn — an increase of 31%, compared to the same period in 2021.
Egyptian fertiliser exports amounted to about $2bn in the first 8 months of 2022, achieving a growth rate of 53% compared to the same period last year, which amounted to $1.34bn. Egyptian fertiliser exports during this 8-month period in 2020, 2021, and 2022 achieved a growth rate of about 40% annually.
Additionally, plastic exports during the same period achieved an 8% increase, rising from $1.6bn to $1.72bn. Meanwhile, inorganic chemicals exports increased by 120%, rising from $408m to $899m.
Also, inks and paints exports increased by 21% from $156.9m to $190m. Next up, detergent exports came in fifth place, achieving a slight growth rate of 1%, as the value of exports increased to $169m, compared to $167.5m. Furthermore, organic chemicals exports achieved a growth rate of 22%, increasing from $135.7m to $165m.
Despite a relative decline of exports to the Turkish market by 3%, it still tops the list of the most important importing markets for the products of the Egyptian chemical industries sector with a value of $691m.
The Russian-Ukrainian War contributed to an increase in the prices of chemicals globally, especially fertilisers, as most fertiliser factories in Europe resorted to reducing their production, according to the council’s report.
This means that the current period will witness more dependence of a number of global markets on Egyptian products, especially in light of the slowdown in the production process in a large number of countries due to the political and economic tensions that the world is currently witnessing.