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FINANCIAL NEWS
Egypt’s turmoil takes toll on regional trade
14 Feb 2011
(MENAFN) The Lebanese Farmers Association said that the turmoil in Egypt affected fruit exports to the latter country in a major hit to traders, as Egypt is the main importer of Lebanese fruit, reported The National.
The association reported that the item that was affected the most was apples. Around 8,000 tons of apples are rotting in Lebanese warehouses as traders can not ship them to Egypt.
In addition to Lebanon, Rizanur Meral, the president of the Turkish Confederation of Businessmen and Industrialists, said that trade was profoundly impacted between the two countries; especially that turkey is the biggest regional exporter to Egypt. He said that Turkish traders are diverting shipments from Egypt to more distant markets such as Dubai and Russia.
In addition to Egypt and Turkey, Saudi Arabian trade with Egypt was also affected. Acommercial bank in the Kingdom reported that each day of unrest had cut about 1 percentage point from Egyptian annual imports and exports with Saudi Arabia.
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