Egypt: Galina targets $60m in exports next year
Soliman added that the company aims to expand in foreign markets in order to increase the volume of its business in European countries, as the largest market to obtain the company’s products.
The European market obtains 60% of the company’s exports, followed by the US and Canada, which acquire 30% of exports. Gulf countries came in last, with 10% of the company’s exports.
Strawberry and artichoke products dominate 50% of GALINA’s exports. Meanwhile, beans, peas, mixed vegetables, cantaloupes and pomegranates are the remaining 50%.
The company has pumped 1,500 tonnes in the domestic market last February, and it aims to increase it to 3,000 tonnes next year.
The CEO pointed out that GALINA has benefited from the devaluation of the Egyptian pound against the US dollar recently, as the value of its exports increased by 25% due to the currency devaluation.
Soliman explained that the devaluation of the Egyptian pound benefited exporting operations; however, it negatively affected the cost of importing.
According to Soliman, increasing the price of the US dollar against the Egyptian pound makes up for the cost of agriculture products locally and also contributes to increasing the competitiveness of Egyptian products globally.
The competitiveness of products, which increased due to the dollar price hike, will appear clearly in the long term, Soliman said, noting that after the recent currency prices, the prices of the imported services have increased by the same percentage. However, in the long term, this will stabilise prices.
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