Egypt engineering industry exports surpass $5 bln for 1st time: Export council - Economy
The Engineering Export Council of Egypt (EEC) announced Wednesday that the engineering industry exports have surpassed the $5 billion mark for the first time, recording $5.1 billion from January to November.
This represents a significant increase of 21.6 percent, compared to $4.2 billion during the same period in 2023.
In November alone, engineering exports rose by 12.5 percent, totalling $451 million, compared to $401 million in November 2023.
Key sectors driving this growth include cables, electrical equipment, automotive components, home appliances, electrical and electronic industries, and transportation.
Notably, cable exports increased by 32.7 percent, electrical equipment by 6.1 percent, automotive components by 15.5 percent, home appliances by 4.6 percent, electrical and electronic industries by 6.4 percent, and transportation by 92.4 percent.
European markets, including the UK, Turkey, France, and Germany, were the top recipients of Egyptian engineering exports, while Saudi Arabia, Iraq, Lebanon, and Oman led the Asian markets.
Libya, Algeria, Morocco, and Tunisia were among the forefront African countries to receive these exports.
The EEC announced that exports reached $4.392 billion from January to October, compared to $3.535 billion during the same period in 2023, reflecting a 24.2 percent growth.
Since the start of the year through July, engineering exports have also grown by 29.9 percent to $3.052 billion, up from $2.35 billion during the same period in 2023.
The EEC aimed to boost engineering exports to $5 billion in 2024, an increase from $4.3 billion in 2023, or about 16.3 percent growth.
To support this goal, the Ministry of Finance reduced delayed dues by 15 percent under the immediate cash payment initiative, aiming to improve competitiveness in global markets.
Furthermore, in 2023, the government attracted 12 international companies to invest in Egypt's home appliances and electrical sectors.
The sector employs 19 percent of the country's workforce.
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