Jitters grip Egyptian importers as coronavirus spreads
After Egypt suspended its flights with China, concerns emerged about the supply of Chinese products and raw material, as well as price hikes.
The coronavirus might change the old saying, “When America sneezes, the world catches a cold.” With rising global concerns about the fatal virus, America has been replaced with China, which topped the world’s merchandise traders in 2018, according to World Trade Statistical Review 2019.
As for Egypt, the impact will trigger price hikes if the crisis gets out of control, economists and traders said, citing possible declines in cheap imports from China.
On Jan. 28, in an immediate response to the crisis, the Importers Division at the Federation of Egyptian Chambers of Commerce warned Egyptian importers, estimated at around 60,000, against traveling to China.
The country’s national carrier, EgyptAir, said Jan. 30 it would suspend its flights from and to mainland China until Feb. 29. The suspension began on Feb. 1.
