World Economy

Egypt Raises Customs Duties to Curb Imports

Egypt Raises Customs Duties to Curb ImportsEgypt Raises Customs Duties to Curb Imports

Egypt has sharply raised customs duties on more than 300 goods, to 60% for many items, to encourage domestic production and curb a ballooning trade deficit, part of a broader government effort to reform the ailing economy, Reuters reported. The finance ministry said in a statement that the tariff increases on 320 categories of goods targeted manufactured products that are also made locally, such as carpets, ceramics and cosmetics. Tariffs on carpets doubled to 60% from 30%. Duties were also raised on goods that were deemed non-essential, including items such as fresh fruit, shampoo and toothbrushes. The finance ministry said the new tariffs would boost customs revenues by six billion Egyptian pounds ($339 million) a year, if imports remained at current volumes. Duties on cosmetics, dairy products, air conditioners, fans, refrigerators, microwave ovens and a host of other goods were increased to 60% from 40%. The ministry said that the increases, which take immediate effect, were in compliance with World Trade Organization standards.


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