Egyptian furniture exports down 7% YoY in 8 months

CAIRO – 12 September 2017: Furniture exports declined 7 percent year-on-year in the first eight months of 2017, recording $229.4 million, down from $247.3 million, the Furniture Exports Council Ehab Deryas said Tuesday.

On the monthly level, furniture exports hiked 35 percent in January, to fall 10 percent in February and 7 percent in March, keeping the same trend until August when it declined 20 percent, according to a report from the council.

Saudi Arabia topped the list of furniture importers from Egypt in the first eight months of year, importing with $50 million’s worth, followed by UAE at $33 million, Iraq at $29 million, Sudan at $22 million, Jordan at $16 million, Lebanon at $11 million, Oman at $11 million, Qatar at $9 million and the U.S. at $8 million.

In the first half of 2017, furniture exports recorded $181 million, according to the same council.

The fall is attributed to increased sales in the domestic market “due to being highly competitive with imported products,” head of the council Ehab Deryas said in July.
Egypt aims to raise exports by 20 percent YoY in 2017, with a new furniture city in Damietta expected to attract more investments in that sector.

The project aims at developing the industry of furniture by using modern technology. The estimated cost of the Damietta Furniture City project ranges between LE 4.5 ($248 million) to LE 5 billion.

Egyptians consume LE 15 billion worth of furniture per year, 60 percent of them is locally produced, while the remaining 40 percent is imported, according the Chamber of Woodworking and Furniture.