Garment exports from Egypt fetched $385 million (LE 6.77 billion) in the first quarter of 2018, showing an increase of 17 per cent over exports of $330 million during the same period of the previous year, an Egyptian daily reported quoting data from the Ready Made Garments Export Council. The council expects $1.8 billion exports this year.
Of the total export in January-March 2018, around 48 per cent or $185 million of garments were destined to the US. This a 16 per cent jump compared to $160 million during the comparable period of 2017.
Month-wise, exports earned $129 million, $133 million and $123 million in January, February and March respectively, compared to exports of $104 million, $110 million and $116 million in the corresponding months of the previous year.
If the current trend continues, the council is hopeful of achieving $1.8 billion in exports this year, the daily said quoting council executive director Sherin Hosny.
Egyptian garment industry is also expected to benefit from the recently agreed African Continental Free Trade Area (ACFTA), as it will boost Egyptian apparel exports to other African countries, including South Africa.