The pandemic’s effect on countries all over the world, including global supply chain disruptions, energy, and high price of shipping and raw materials, were reflected in the Egyptian market
The climbing prices of imported goods, affected by global spikes in freight and raw materials, are increasing at a rate of between 20% and 30%, said Matta Bishai, Head of the Internal Trade Committee of the General Division of Importers at the General Organization for Import and Export Control’s (GOEIC).
According to Bishai, this has led to an abundance of goods in general, whether imported or local, due to the country’s pre-COVID recession.
The pandemic’s effect on countries all over the world, including global supply chain disruptions, energy, and high price of shipping and raw materials, were reflected in the Egyptian market, explained Bishai.
The GOEIC head pointed out that the government has good stocks of strategic commodities, especially wheat and oils, and that the Egyptian market has not witnessed any crises like the ones witnessed by some countries in the availability of commodities.
All commodities are abundantly available in merchants’ stores, and no party received a shortage of any commodity, he said, adding that the local price hikes were caused by global increases of raw materials and imported production requirements.
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Egyptian imports climbed in September 2021 by 8.2% to reach $5.84 billion, up from $5.61 billion in September 2020, with Egypt’s trade balance deficit falling 22.5%. Egyptian imports saw a 16% increase in the first 9 months of 2021, climbing to $61 billion from $52.2 billion in 2020’s first 9 months.