Despite the rise of the Egyptian pound against the US dollar since the beginning of 2019, the prices of Valentine's Day gifts rose by 10% during the current period, amid a decline in the supply and demand for gifts.
Barakat Safa, a member of the stationery and toys pision of the Cairo Chamber of Commerce confirmed an increase in the prices of gifts and toys in general during 2019, due to the lack of supply in the market of imported products in light of high tariffs and the governments measures to reduce the trade deficit.
Safa added that the price of Valentine gifts is witnessing a rise of at least 10% compared to last year, due to the high shipping rates that exceeded $ 4 thousand compared to $1200 dollars last year.
According to official data of the Central Bank of Egypt (CBE), the Egyptian pound has risen against the US dollar since the beginning of 2019 until mid February by more than two pounds.
Safa pointed out that there are other reasons that lie in the increase other than shipping prices, which are the high price of the raw material used in the gift industry and imported from abroad, whether from China, Malaysia or Indonesia, explaining that there are limited companies that have a monopoly over these items, which allows them to raise prices every now and then.
He emphasized that the bill for importing children's toys gifts in the Egyptian market increased during the first 11 months of 2019 to record $88 million, compared to $82 million during the same period in 2018.
On his part, the former head of the Importers Division Ahmed Shiha said that the supply of Valentine gifts are few this year, given that they represent only a weak percentage of the total Egyptian import volume.
Shiha said that the importers are facing a new crisis in goods imported from China after the spread of the coronavirus, adding that there are goods waiting to enter the Egyptian markets from China 21 days ago after being detected to make sure that it is free from the virus.
Shiha said that importers face a new crisis in goods imported from China after the spread of the coronavirus, adding that there are goods waiting to enter the Egyptian market since more than 20 days to ensure that they are free of the virus.
In turn, one of the importers of children's toys explained that the prices of "teddy bears" start from EGP 20-100 as a wholesale price for the small size, explaining that bigger ones are sold for EGP 800.
On February 14 each year, the world celebrates Valentine's Day by exchanging gifts as an expression of their feelings.
He indicated that he resorted to reducing the quantities imported during the current period due to the recession prevailing in the markets in light of the decline in sales.
He stressed that the gifts of Valentine vary between gift boxes that contain teddy bears and a variety of chocolate, in addition to watches that entered within the gifts of Valentines, explaining that there is a demand for some watches, due to their low prices.
On the prices of watches, he said: "It ranges between EGP 250-1000 and varies according to the degree of conformity with the original copy, noting that the demand is still weak during the current period.
There are numerous stories associated with Valentines including an account of the imprisonment of Saint Valentine for performing weddings for soldiers, who were forbidden to marry during the Roman Empire.
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