Egypt raises export duty on scrap fabrics by 40pct

Egypt has raised duties on exports of scrap fabrics used in the manufacturing of furniture fabrics by 40 percent, in an attempt to boost local industry.

The decision aims to boost the domestic textiles industry as the rise in the clothes fragments showed that exporters were not deterred by the current levy, Kabil said in the statement.

Levy on scrap fabrics will become LE3500 ($447) per ton starting January 2016, up from LE2500 ($319.5) per ton imposed currently, according to a ministerial statement released Sunday.

"Exports of scrap fabrics have more than tripled to 294 tons in 2015 from 93 tons in 2014," the statement added.