EGYPT’S YARN PRICE HIKE CAUSES DISRUPTION IN KEY TEXTILE SECTOR
July 1st, 2011
BY PAUL COCHRANE
THE EGYPTIAN economy is struggling along in the wake of the revolution that ousted President Hosni Mubarak earlier this year as protests continue and workers demand more rights and better pay. And while the garment sector appears to have weathered the crisis, expecting to export more than USD2 billion in clothing this year, the spinning sector has been hit hard by the quadrupling in price of locally produced yarn over the past six months, rising from Egyptian Pounds EGP10 (USD 1.68) to EGP42 (USD7.06) per kilogram.
Some 51% of all textile ...
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