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Egypt Records 6.56% Increase in Manufacturing Production in June

Manufacturing production recorded a growth of 6.56% in Egypt in June, supported by the electrical appliances industry (Reuters)
Manufacturing production recorded a growth of 6.56% in Egypt in June, supported by the electrical appliances industry (Reuters)
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Egypt Records 6.56% Increase in Manufacturing Production in June

Manufacturing production recorded a growth of 6.56% in Egypt in June, supported by the electrical appliances industry (Reuters)
Manufacturing production recorded a growth of 6.56% in Egypt in June, supported by the electrical appliances industry (Reuters)

Preliminary data on Egypt’s manufacturing and extractive industries production showed that the sector grew by 6.56 percent on a month-on-month basis in June 2022, according to the Central Agency for Public Mobilization and Statistics (CAPMAS).

The manufacturing and extractive industries index — excluding crude oil and petroleum products — reached 119.38 in June 2022.

Meanwhile, the manufacture of beverages increased by 15.54 percent in June, while the manufacture of electrical equipment increased by 15.54 percent.

Additionally, the manufacture of chemical products decreased by 4.83 percent, while that of basic metals dropped by 5.45 percent.

On Sunday, Prime Minister Mostafa Madbouli discussed with Hassan Abdullah, the new governor of the Central Bank of Egypt (CBE), several proposed measures to address the current economic situation.

Abdullah informed Madbouli of the steps taken to implement the decision to exempt production inputs and operation equipment from documentary credit.

This goes in line with directives by President Abdel Fattah el-Sisi.

The meeting reviewed the government's efforts to improve the investment climate and encourage private sector participation.

In order to ensure harmony between fiscal and monetary policies, both officials highlighted the importance of regular meetings and periodic consultations concerning economic policies.

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Oil Rises on Prospects of Wider Middle East War, Firmer Global Supply Caps Gains

A pumpjack extracts oil in the Inglewood Oil Field in Los Angeles, Wednesday, Sept. 25, 2024. (AP Photo/Eric Thayer)
A pumpjack extracts oil in the Inglewood Oil Field in Los Angeles, Wednesday, Sept. 25, 2024. (AP Photo/Eric Thayer)
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Oil Rises on Prospects of Wider Middle East War, Firmer Global Supply Caps Gains

A pumpjack extracts oil in the Inglewood Oil Field in Los Angeles, Wednesday, Sept. 25, 2024. (AP Photo/Eric Thayer)
A pumpjack extracts oil in the Inglewood Oil Field in Los Angeles, Wednesday, Sept. 25, 2024. (AP Photo/Eric Thayer)

Oil prices rose on Thursday as the prospect of a widening Middle East conflict that could disrupt crude oil flows from the key exporting region overshadowed a stronger global supply outlook.
Brent crude futures gained 80 cents, or 1.08%, to $74.7 a barrel as of 0405 GMT. US West Texas Intermediate crude futures gained 85 cents, or 1.21%, to $70.95.
"Following the initial jitters from geopolitical risks in the Middle East, we have seen some calm return to global markets, but of course, with market participants still keeping a side-eye on any upcoming Israeli response," said Yeap Jun Rong, a market strategist at IG.
"The question for oil now is whether Iran's energy infrastructure will be in Israel's crosshairs," said Yeap.
Israel bombed central Beirut in the early hours of Thursday, killing at least six people, after its forces suffered their deadliest day on the Lebanese front in a year of clashes against Iran-backed armed group Hezbollah, reported Reuters.
The strike comes a day after Iran fired more than 180 ballistic missiles at Israel in an escalation of hostilities, which have seeped out of Israel and occupied Palestinian territories into Lebanon and Syria.
"From here, it's a waiting game to see what the Israeli response will be and I suspect that comes after the conclusion of the Rosh Hashanah holiday tomorrow," said IG market analyst Tony Sycamore.
"I doubt that Israel will target Iranian oil infrastructure, as such a move would likely drive oil prices towards $80, which would be frowned upon by Israel's allies, who are making strides against inflation," Sycamore said.
Meanwhile, US crude inventories rose by 3.9 million barrels to 417 million barrels in the week ended on Sept. 27, the Energy Information Administration said, compared with expectations in a Reuters poll for a 1.3 million-barrel draw.
"Swelling US inventories added evidence that the market is well supplied and can withstand any disruptions," ANZ analysts said in a note.
Some investors remained unfazed as global crude supplies have yet to be disrupted by unrest in the key producing region, and spare OPEC capacity tempered worries.
"After Iran's attack, prices may stay elevated or remain more volatile for a little longer, but there's enough production, there's enough supply in the world," chief executive officer of East Daley Analytics, Jim Simpson, told Reuters.
OPEC has enough spare oil capacity to compensate for a full loss of Iranian supply if Israel knocks out that country's facilities.
"The effectively available spare capacity might be much lower if renewed attacks on energy infrastructure on countries in the region happen," said Giovanni Staunovo, a UBS analyst.