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Investors warn of declining exports due to high shipping costs
Date: 11/27/2012
Investors warned of Egyptian export rate under high shipping costs, and the tendency of some insurance companies to refuse export insurance, due to the increased risk rate, this comes at a time in which some foreign markets exporters tend to find alternative markets for Egypt, due to instability.

Magdy Tolba a member of the Export Council of garments said,receding in exports in General, up to about 20% of the clothes during the month of October, compared with rates in 2011, although in the revolution, there was a decline in real and not rosy picture.

And there was actually some investments have started moving abroad, as well as the closure of a large number of factories, while confirming government statements on increasing growth rates, which contradicts the realities of Egypt.

«Tolba» criticized the absence of «management», as he put it, noting that the general climate is no longer conducive to investment and trade, where banks stopped support for the industrial sector, and increased interest rates on borrowing to about 16%.

On the other side, Dr. Sherif Al-beltagi,the Previous Chairman of the Export Council of agricultural crops, the increased cost of air freight, the company «Egypt» aviation shipping cost by 4%, Monday, is the second capital increase during the month, for a total increase ranges between 10 and 12%, indicating that there is a decline in freight rates from Egypt, as a result of the decline in air lines, spaces under the aircraft after the rate reduction in tourism, as well as a number of shipping lines to change course on Egyptian ports, because

«Al-beltagui said that Egypt's exports suffer from many burdens, despite the importance of the export sector, pointing toward some foreign markets to find alternatives to Egyptian exporters, in the case of regularity between port and strikes poses protest.

There was a trend in a number of insurance companies for refusing to deal with Egyptian exports, given the high degree of risk, and increase the cost of insurance to reduce Egyptian production competitive in foreign markets.

In the same context, said Ali Issa, Chairman of the Export Council for women, there is no longer a strategy for export, agricultural exports declined by 11% during the year, the expected further decline in the coming months.


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