Number of Turkish companies have terminate their imports agreements with the Egyptian ready-made garments companies in Port Said Free Zone after the Turkish recent economic crisis according to Readymade Garments Export Council Of Egypt, Chairman, Magdy Tolba.
He told Amwal Al Ghad that the Turkish companies have informed its Egyptan counterparts about deleting their contracts to import readymade garments in the light of its availability in the Turkish markets with competitive prices after the recent decline in the price of Lira.
The lira briefly plunged 20 percent against the dollar on Friday, finishing the U.S. session lower by some 16 percent after U.S. President Donald Trump said he had approved metals tariffs on Turkey to be doubled.
Tolba added that the Turkish companies decision would negatively affect the Egyptian ready made garments exports, with Turkey capturing 30 percent of the total amount of exports.
