Egyptian fertilizer company Evergrow has downgraded its exports target to $220 million down from $280 million as coronavirus crisis takes its toll on the global market, according its chairman said.
Mohamed El-Kheshen told Amwal Al Ghad that the coronavirus outbreak has hit container shipping lines and logistics chains around the world, adding that the supply and demand rates has declined by 37 percent.
However, the local demand has been steadily growing as imports declined, El-Kheshen noted.
Founded in 2006 in Abo Rawash Industrial Zone, Evergrow was the first Egyptian company specialized in the manufacturing of fully soluble potassium sulfate, mono-ammonium phosphate (MAP), urea phosphate (crystal and liquid), different NPK solid and liquid formulas and calcium nitrate (crystal and liquid).
The company exports products to more than 70 countries, including Japan, the United States, Italy, Greece, Morocco, and Algeria.
