CAIRO: Imports of home appliances decreased 80 percent over the past fiscal year on a decision that stipulates the Ministry of Industry and Trade’s approval of imports, deputy chairman of the home appliances division at the Federation of Egyptian Chambers of Commerce (FEDCOC) Fathy El-Tahawy said Sunday.
In a symposium organized by the Egyptian Media Group, Tahawy explained that this decision obliges the registration of foreign factories that export to Egypt, noting that more than 90 percent of these factories are disallowed from sending products to Egypt. “Importers of home appliances have now shifted to local manufacturing to decrease imports, but they are crippled by lack of finance from banks for this sector,” chairman of the division Ashraf Helal said. The deficit in the trade balance slumped $12.23 billion (37 percent) in the first eight months of 2017, to stand at $20.1 billion compared to $32.4 billion in the same period in 2016. Non-petroleum exports in that period increased 11 percent to register $15 billion, compared to $13.5 billion from January to August last year, Kabil said in a statement. Meanwhile, non-petroleum imports declined 23 percent from $45.5 billion to $35.1 billion in the same period, marking a 23-percent decrease. A number of sectors have registered declines such as the ready-made garments at 55 percent, books at 49 percent, and leather products at 39 percent.
