Egypt’s engineering exports surge 29.9% in 7 months – Dailynewsegypt
The Engineering Export Council of Egypt announced that the sector’s exports during the first seven months of 2024 increased by 29.9% during the period from January to July 2024, reaching $3.052bn compared to $2.350bn in the same period of 2023.
The council’s report said that engineering exports saw a significant leap in July 2024, increasing by 37.9%, reaching $454.5m compared to $329.6m in July 2023. This confirms the success of the council’s plan to achieve sustainable growth in engineering exports, supporting the state’s strategy to reach $145bn in exports.
Regarding the key sectors that saw increased exports in the first seven months of 2024, cables led with a growth rate of 36.2%, electrical appliances achieved 5.5%, automotive components rose by 32.8%, household appliances increased by 12.2%, electrical and electronic industries grew by 8.6%, and means of transportation increased by 152.4%.
Regarding the countries where engineering exports increased during the period from January to July 2024, in Europe, the leading countries were the United Kingdom, Turkey, France, Germany, Georgia, Italy, the Czech Republic, Spain, and Ireland. In Asia, the key countries were Saudi Arabia, the United Arab Emirates, Iraq, Azerbaijan, Bahrain, and Qatar. In Africa, the leading countries were Libya, Morocco, Tunisia, Kenya, Ghana, Nigeria, Angola, Uganda, the Democratic Republic of the Congo, and Rwanda.
Chairperson of the Engineering Export Council of Egypt Sherif El-Sayyad emphasized that the record levels of Egyptian engineering exports achieved in the first seven months of 2024 carry important implications, the most notable being the confirmation of the immense capabilities of Egypt’s engineering industries. He also pointed out the necessity of working sustainably to access new markets in addition to the traditional markets that exporting companies rely on.
El-Sayyad highlighted the significant success of the export growth plans adopted by the Engineering Export Council in collaboration with the Ministry of Investment and Foreign Trade. He noted that achieving sustainable growth in exports contributes to implementing the state’s strategy to boost merchandise exports and reach the target of $145bn in Egyptian exports by 2030.
El-Sayyad noted that the engineering sector is one of the most promising export sectors, significantly contributing to job creation and increasing the added value in local manufacturing. It also enjoys an excellent reputation in international markets and is a key supporter of the state’s strategy to increase exports to the desired levels.
El-Sayyad emphasized the need to reduce costs and further deepen local manufacturing, which would positively impact the sector and attract foreign investments into strategic sectors within the engineering industries to meet industrial needs.
He added that these steps require working on multiple fronts, including offering incentive packages to attract investments in components that require precise technology and are costly to import, as well as providing accreditation laboratories.
On her part, Mai Helmy, the Executive Director of the Engineering Export Council of Egypt, elaborated that the council follows a strategy to increase exports by 15% to 20% in 2024, relying on the immense capabilities of Egyptian engineering industries.
Helmy concluded that the council’s vision is based on several pillars, including participation in international exhibitions, organizing trade missions and foreign trade weeks, and holding meetings with government officials to facilitate export access. With the current pace of export growth, it is possible to exceed these targets by the end of 2024.