Chinese industrial companies witness May 2023 profits improve from April’s 18.2% drop.
– Profit reached 635.81 billion yuan in May 2023 (12.6% decrease compared to 2022 / lower decline compared to 18.2% decline in April)
– Profits of industrial companies decreased 18.8% compare with the same period first 5 months last year. However, this is an improvement of 1.8 percentage points compared to the decrease recorded from January to April. The total revenue of these companies increased slightly by 0.1%.
– The recovery trend is clear with supportive policies from the government to help the manufacturing sector. Profit decline in this sector was 7.4 percentage points lower than in April.
In addition, India and Egypt aim to boost bilateral trade from $7 billion to $12 billion in five years, possibly using a Free Trade Agreement (FTA). India is an important market for Egypt’s long fiber (ELS) cotton exports.
Numbers for 2022 in Egypt Update
– Export of cotton (HSN code 5201) worth US$71,892 million, accounting for 27.81% of the total export value of US$258,538 million, India is Egypt’s second largest cotton export market, after China.
– Large garment exports from Africa worth $2,437 billion, placing the country in direct competition with India in the global market.
– Fabric imports were valued at USD 1,304,685 million, and India accounted for 4.47% of the market share. Import value from India was $58.295 million, while China’s supply was worth $1,114.856 million during the same period.
– Import of goods has a default value of USD 5,131 million, accounting for 2.24% of total import turnover up to USD 228,860 million. India ranks sixth in terms of default possible imports of Egypt, after Turkey, China, Bangladesh, United Arab Emirates and Vietnam.
(According to NBS data)