MEMPHIS REISEN

Egypt’s engineering industries, garment exports surge in January 2024 – Dailynewsegypt

The Engineering Export Council of Egypt announced that the exports of engineering industries increased by 25.4% in January 2024, reaching $348m, compared to $277.7m in January 2023.

The council stated that the most prominent sectors that saw an increase in exports in January 2024 compared to January 2023 were cables, which achieved a growth of 69%, automotive components, which increased by 46.6%, and home appliances, which increased by 3.1%. Meanwhile, the exports of electrical and electronic industries increased by 3.2%, and the exports of means of transportation surged by 252.8%.

The council also reported that the most important markets for engineering exports in January 2024 were in Europe, Asia, and Africa, as well as other markets such as the USA. Among the European countries, Turkey was the top importer from Egypt, followed by the United Kingdom, France, Lithuania, Czechia, Germany, and Slovakia. Among the Asian countries, Saudi Arabia, UAE, Iraq, Jordan, and Lebanon were the main importers from Egypt. Among the African countries, Libya, Morocco, Algeria, Burkina Faso, Sudan, Nigeria, and Kenya were the major importers from Egypt.

Mai Helmy, the Executive Director of the Engineering Export Council of Egypt, said that the increase in exports of the engineering industries sector in January 2024 was a continuation of the positive results achieved in 2023 when exports exceeded the level of $4bn for the first time.

Helmy revealed that the council was following a strategy to increase exports in 2024 by a rate ranging between 10 to 15%, based on the enormous potential of the Egyptian engineering industries.

On the other hand, the Readymade Garment Export Council announced that the exports of the garment sector increased by 35% in January 2024, reaching $259m, compared to $192m in January 2023, according to the council’s president Marie-Louis Bishara.

Bishara said that America was the largest market for imports from Egypt, with a value of $106m in January 2024, compared to $90m in January 2023, a growth rate of 18%. She added that the sector’s exports to European countries also achieved a jump of 42%, reaching $54m in January 2024, compared to $38m in January 2023.

She noted that Turkey received products worth $24m in January 2024, compared to $15m in January 2023, an increase of 62%, and exports to Spain reached $12m in January 2024, compared to $9m in January 2023, an increase of 35%. She also said that exports to Germany increased to $10m in January 2024, compared to $9m in January 2023, an increase of 13%.

She disclosed that the sector’s exports to Arab countries also witnessed a noticeable increase of 54%, reaching $57m in January 2024, compared to $37m in January 2023. She said that the UAE was the largest Arab country importing from Egypt, with a value of $23m in January 2024, compared to $21m in January 2023, an increase of 6%. She also said that exports to Libya increased to $12m in January 2024, compared to $4m in January 2023, an increase of 243%.