Garment exports from Egypt brought $385 million (LE 6.77 billion) in the first quarter (Q1) of 2018, showing the enhancement of 17 percent 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 readymade garments exports this year.
Of the total export in January-March 2018, around 48 per cent or $185 million of garments were ascertained to the US. This a 16 percent 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 the council’ s Executive Director Sherin Hosny.
Egyptian garment industry is also expected to profit from the recently agreed African Continental Free Trade Area (ACFTA), as it will boost Egyptian apparel exports to other African countries, including South Africa (RKS).