Garment exports from Egypt fetched $385 mn (LE 6.77 bn) in the first quarter of 2018, showing an increase of 17 per cent over exports of $330 mn during the same period of the previous year, reported quoting data from the Ready Made Garments Export Council. The council expects $1.8 bn exports this year. Of the total export in January- March 2018, around 48 per cent or $185 mn of garments were destined to the US. This a 16 per cent jump compared to $160 mn during the comparable period of 2017. Month-wise, exports earned $129 mn, $133 mn and $123 mn in January, February and March respectively, compared to exports of $104 mn, $110 mn and $116 mn in the corresponding months of the previous year.
If the current trend continues, the council is hopeful of achieving $1.8 bn in exports this year, 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.