Currency float helping open up new markets to Egyptian agricutlure exports
Egypt's pound has roughly halved in value since the central bank abandoned its peg of 8.8 to the dollar on November 3, making Egyptian fruit and vegetables look cheap and attractive to foreign buyers, exporters said.
“Demand has doubled, with every product gaining one or two markets,” said Mostafa al-Naggari, Chairman of Fresh Fruit Co, which recently signed deals to ship to China and is finalizing others with Australia, New Zealand and Korea.
Exports of Egyptian vegetables, fruits and legumes amounted to $2.2 billion last year and would likely rise by about 15 percent in 2017 as a result of the float, Abdel Hamid al-Demerdash, the head of Egypt's Agriculture Export Council, said.
The main vegetable exports include onions and artichokes, and fruits include oranges and strawberries.
source: voanews.com
