Egyptian chocolate spread maker Swifax has doubled its sales and is struggling to keep up with demand since the pound currency dived in November, forcing shoppers traditionally “obsessed with everything foreign” to ditch pricy imports and buy local.

“People started changing their habits,” Swifax’s commercial director Mohamed El Gammal told Reuters. “We could sell even more … but we have a problem with our capacity.”

The pound’s flotation and an ensuing increase in tariffs on more than 300 products shipped from abroad have hit importers hard, but have been a boon for domestic manufacturers such as Swifax.

Continue Reading…

Back to Latest