Egypt’s chemical industries exports would reach $5 billion by the end of this year 2020, Chairman of The Chemical and Fertilizers Export Council Khaled Abul Makarem said.
However, the chemical industries exports declining by 15 percent reaching $2.875 billion during the period from January to July 2020, compared to $3.372 billion recorded during the same period in 2019, , according to The Chemical and Fertilizers Export Council monthly report.
The sector’s exports plummeted by 9 percent in July, registering $430.02 million, compared to during $470.84 during the same month last year, according to the council’s bulletin.
Abul Makarem attributed the decline in the value of exports to the coronavirus pandemic which has affected production in most global markets and also demand for chemical products.
Nevertheless, the sector’s exports have already reached new markets in Italy, France, Spain and Argentina, the chairman added.
However, they are expected to hit $5 billion by the end of 2020, buoyed by stable growth in production and foreign trade, Abul Makarem noted.
