Egypt, Brazil to boost trade in textile and other sectors

There are distinguished investment opportunities for the Brazilian business community in the Egyptian market in the areas of the manufacture of textile, spare parts, pharmaceuticals, engineering, along with new and renewable energy, Egyptian minister of trade and industry Nevine Gamea said at an event of Arab-Brazilian Economic Forum, which she attended virtually.

The FTA between Egypt and Mercosur countries contributed to increasing the competitiveness of Egyptian exports and enhancing its access not only to Brazil but to all Mercosur countries, given that the Brazilian market remains a focal point in the penetration and marketing of goods to neighbouring countries, the minister added.

After the FTA entered into force, Egyptian exports to Brazil increased over three times from $155 million in 2017 to $541 million in 2021, as agreement provided access to many strategic goods at competitive prices.

The FTA also encouraged export of Egyptian apparel and home textile products to Brazil. Egypt’s apparel exports to Brazil were just $0.944 million in 2017, which increased to $2.281 million in 2020 and $2.249 million in 2021, according to Fibre2Fashion’s market insight tool TexPro.

In home textiles, Egypt’s exports to Brazil were valued at $1.158 million in 2017, which increased to $3.507 million in 2020 and $9.223 million in 2021, as per TexPro.

Fibre2Fashion News Desk (KUL)