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Egypt increases customs duties to slow imports

by ChemOrbis Editorial Team -
  • 06/12/2016 (15:50)
According to media reports, the Egyptian government raised customs duties on more than 300 goods in an attempt to promote local production and reduce imports and the trade deficit. The new customs duties which indicate a rate of up to 60% has been effective as of the beginning of December.

The Finance Ministry reported that the increases in customs duties are imposed on 320 goods such as carpets, ceramics, air conditioners, fans, refrigerators, microwave ovens and electric shavers. Through the application of new customs duties, the Ministry aims to raise customs revenues by 6 billion Egyptian pounds per year, which comes to $334 million in dollar terms.

Egypt has been facing a hard currency shortage and has been struggling with high exchange rates which significantly hinder trading and manufacturing activities in the country. In an attempt to ease economic difficulties, the government has taken some measures recently including the floatation of the Egyptian pound, increases in fuel and power prices and an implementation of new VATs.
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