Lebanon Businessnews News

Ten percent price drop
for products from Europe
Euro depreciation will increase imports
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Local traders are benefiting from the decrease in the value of the euro against the US dollar (1.09), which declined by an average of 18 percent in the first six months of the year compared to the same period in 2014.

Traders import around 21 percent of their products from the Eurozone. Imports were $4.4 billion last year, from a total of $20.5 imports.

Michel Abchee, Chairman of Admic, said: “The market will be witnessing a decrease in the prices of Eurozone products by a margin of ten percent, on average, starting from September.”

“The decrease in the euro will increase imports from the Eurozone,” said Patrick Nahas, Vice Chairman of the Lebanese-Italian Business Council. He said that this issue in addition to the Euro-Mediterranean agreement made the prices of Eurozone products equivalent to those imported from the Far East.

“Traders and end consumers benefited from this decrease, as it increased the margin of profits for traders and consumers are now able to get high quality products at lower prices,” said Nahas.
Reported by Rania Ghanem
Date Posted: Jul 16, 2015
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