Egypt’s furniture exports down 10% in first 9 months of 2017

CAIRO – 18 October 2017: Egypt’s furniture exports declined 10 percent between January and September 2017 to $244.2 million, compared with $272 million in the same period last year, according to the Egyptian Furniture Export Council’s (EFEC) monthly report.

The report shows that January 2017’s furniture exports have increased by 35 percent to $34.5 million, compared with $25.5 million in January 2016.

However, exports declined in February by 10 percent to $26.9 million, compared to $30 million in the same month last year. March’s and April’s exports have also declined by seven percent and three percent respectively.

The decline trend continued through May before exports picked up again in July, increasing by 13 percent to $23.5 million, compared to $20.7 million in the year-ago period.

Exports then slumped again in August and September, according to the report.

Egypt’s trade balance deficit dropped $12.23 billion (37 percent) in the first eight months of 2017 to $20.1 billion, compared with $32.4 billion in the same period in 2016, Minister of Industry and Foreign Trade Tarek Kabil said last week.