Official: Egypt considers 12-22% custom cuts on imported yarn

Egypt is considering cuts to custom fees on yarn and raw fibers imports ranging between 12 and 22 percent, a statement by the Finance Ministry said, adding that the cuts will allow the existent fees to conform with international rates.
Mohamed Abu Zeid, head of central administration at the Port Said customs office, said the reconsideration of the current duties represents a positive response to demands by the Federation of Egyptian Chambers of Commerce and the business community as a whole.
Abu Zeid predicts the cuts to reduce the cost of raw fibers from US$2.57 to $2.20.
Magdy Abdel Aziz, head of the Egyptian Customs Authority, said that customs tariffs for the textile industry always reflect changes in the international market, while preserving local commerce.

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