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Oriental Weavers expects 10-15% addition to its business in 2019


: Oriental Weavers (ORWE) said in a statement sent to ArabFinance, the US market represents 40% of Oriental Weavers Carpet Companys tufted division export sales.
According to ORWE estimates, China holds a 20-25% share of the US tufted market, and news that tariffs on Chinese tufted products will be raised to 10% up from the current 6-8% on September 24, 2018 and then should be further raised to 25% starting January 2019 should be a positive catalyst for our sales growth in the market.
ORWE expects 10-15% addition to its business in 2019. MAC exports to the US were around USD 15 million in 1H 2018 and are expected to reach USD 30 million by yearend.
It is worth mentioning, that the tufted division contributed almost 20% to the groups EGP 3.2 billion exports in 1H 2018.
ORWE estimates its market share in the US machine-made tufted market to be around 10%, China 25%, US and Canada players (50%), and Turkey (15% ).

Time Added: 2018-09-18 14:40:33
Source: ArabFinance
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