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Monday, 17 January 2022

Egypt’s pharma exports up, citrus flap with the Dutch + Edita launches Freska Choco Sticks

Egypt’s pharma exports rose 30% y-o-y in 2021 to USD 685 mn in 2021, local media reported citing figures from the Export Council for Medical Industries. Cosmetics exports were up 39% y-o-y to record USD 311 mn in 2021, while medical and veterinary meds exports increased by around 30% to USD 277 mn. December alone saw a 44% y-o-y increase in total pharma exports, recording USD 83 mn.

Edita Food Industries is expanding its Freska brand with the launch of Freska Choco Sticks, according to a statement (pdf). The new product will retail at EGP 3 per pack, with each pack containing two sticks. The product launch comes as part of the company’s revenue diversification strategy and its plan to expand its 15% market share in the wafer segment, which is its fastest-growing line of business.

Other things we’re keeping an eye on this morning:

  • Egyptian citrus exports to the Netherlands are facing tighter restrictions after Dutch authorities published new rules banning the import of fruits with necks exceeding 2mm. Egypt has appealed to the European Commission and the Dutch government in a bid to reverse the decision.
  • Axa Egypt has signed a five-year bancassurance agreement with the Arab African International Bank that will see Axa offer ins. services to the bank’s customers.
  • The Customs Authority has issued new instructions (pdf) for importers to register the return of goods that had originally been exported through the Advance Cargo Information system.
  • Spanish flag carrier Iberia has begun operating direct charter flights between Madrid and Luxor, which will run until the end of the winter season.
  • Kima is in talks for a USD 250 mn loan to establish an environmentally-friendly factory as an alternative to one of its obsolete factories in Aswan.

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