The Egyptian Revolution caused the value of U.S. hardwood sales there to drop 45 percent in 2011, according to Mike Snow, executive director at the American Hardwood Export Council (AHEC).
The Egyptian Revolution caused the value of U.S. hardwood sales there to drop 45 percent in 2011, according to Mike Snow, executive director at the American Hardwood Export Council (AHEC).
Total hardwood exports to the Middle East-North Africa region during 2011 sunk 6 percent to $52.44 million, and it was "entirely due to a reduction in exports to Egypt, which was the main destination for U.S. hardwood lumber in 2010," according to an AHEC report submitted to the U.S. Department of Agriculture. Prior to the country's revolution, the value of U.S. hardwood exports to Egypt reached $13.90 million, and in 2011 it dropped to $7.65 million.
With the exception of Egypt, exports to the region's major markets grew significantly in 2011, rising by 52 percent in value to Turkey, 43 percent to Saudi Arabia, 10 percent to Pakistan, 3 percent to United Arab Emirates and 2 percent to Israel.
"While the interiors and furniture sectors-and, therefore, demand for hardwoods-in the Gulf countries have shown remarkable recovery from the global financial crisis, the Arab Spring has set back the market in Egypt," Snow said. "The short-term outlook for the Egyptian market is uncertain, and demand for imported hardwoods-including those from the United States-is not anticipated to pick up again until some stability is achieved in the market."
In June, Mohammed Morsi was inaugurated as the new president of Egypt; however, obstacles remain in his bringing about reform, according to The Economist.