MEMPHIS REISEN

Egypt’s engineering exports reach $4.2bn in 2023 – Dailynewsegypt

The Engineering Export Council of Egypt announced that the sector’s exports increased by 10.5% in 2023, reaching approximately $4.25bn for the first time in the history of engineering exports, compared to $3.84bn in 2022.

The exports of cables achieved a growth of 53.2%, household appliances exports recorded an increase of 2.5%, electrical and electronic industries sector registered an increase of 20.9%, while means of transportation recorded an increase in exports of 116.3%, and machinery and equipment exports increased by 67%. Meanwhile, metal forming achieved an increase of 62.7%, and metals hit a 27.3% increase.

The council said that the countries to which engineering exports increased in 2023 were mainly European countries, including Türkiye, Netherlands, Germany, Italy, Czech Republic, and Spain. Besides, Asian countries such as Saudi Arabia, UAE, Iraq, China, Oman, Azerbaijan, Bahrain and Syria. In addition, African countries like Libya, Algeria, Sudan, Côte d’Ivoire, Mauritius, Ethiopia and South Sudan.

May Helmy, the head of the Engineering Export Council of Egypt, said that the engineering industries sector’s exports exceeding $4bn for the first time in history is a great success for Egyptian engineering companies. It is also a result of the efforts of the council in opening foreign markets and promoting Egyptian products.

She said that the success of engineering exports in achieving sustainable annual growth will contribute to implementing the state’s strategy for promoting merchandise exports and reaching the target of $100bn in Egyptian exports in the coming years.

Helmy pointed out that the council has developed a strategy to increase exports in 2024 by a rate ranging between 10-15%, based on the enormous potential of the Egyptian engineering industries. The council’s vision relies on several axes, including participation in international exhibitions, taking into account the new regulations for exhibitions, as well as organizing trade missions and foreign trade weeks.

Helmy disclosed that the council helps Egyptian companies to enter various markets by participating in exhibitions and missions, supporting companies in completing the required documents and papers, obtaining export subsidies, and assisting companies in dealing with the challenges of foreign markets by preparing the required data about the target markets in cooperation with Egyptian Commercial Service.