Egypt Engineering Industry Exports Grow By 25.6% in 9 Months: Export CouncilSource: www.export-egypt.com 11/21/2024, Location: Africa |
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The Engineering Export Council of Egypt (EEC) revealed that engineering industry exports increased by 25.6 percent from January to September, reaching $3.936 billion, up from $3.133 billion during the same period in 2023.
In September alone, engineering exports rose by 15 percent, totalling $446.2 million, compared to $387.7 million in September 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 33.6 percent, electrical equipment by 8.1 percent, automotive components by 24.4 percent, home appliances by 5.8 percent, electrical and electronic industries by 9.3 percent, and transportation by a significant 107 percent. European markets, including the UK, Turkey, France, and Germany, were the top recipients of Egyptian engineering exports, while Saudi Arabia, the UAE, Iraq, and Lebanon led the Asian markets. In Africa, Libya, Algeria, Morocco, and Tunisia were at the forefront of receiving these exports. In related news, engineering exports have also grown by 29.9 percent from the start of the year through July, totalling $3.052 billion, up from $2.35 billion during the same period in 2023. The EEC has set a target to increase engineering exports to $5 billion in 2024, up from $4.3 billion in 2023, reflecting a projected growth of approximately 16.3 percent. To achieve that, the Ministry of Finance deducted 15 percent from the delayed dues under the immediate cash payment initiative to enhance competitive advantage in international markets. The government also attracted 12 international companies to invest in Egypt's home appliances and electrical sector in 2023. Additionally, the sector employs 19 percent of Egypt's workforce. |
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