Egypt sharply increases customs duties

Egypt has sharply raised customs duties on more than 300 goods, to 60 percent for many items, to encourage domestic production and curb a ballooning trade deficit, part of a broader government effort to reform the ailing economy.

The finance ministry said in a statement that the tariff increases on 320 categories of goods targeted manufactured products that are also made locally, such as carpets, ceramics and cosmetics.

Tariffs on carpets doubled to 60 percent from 30 percent. Duties were also raised on goods that were deemed non-essential, including items such as fresh fruit, shampoo and toothbrushes.

The finance ministry said the new tariffs would boost customs revenues by 6 billion Egyptian pounds ($339 million) a year, if imports remained at current volumes.