Egypt’s engineering exports have seen a significant increase of 32.3% in the first four months of 2024, reaching $1.673 billion, compared to $1.264 billion during the same period in 2023. This impressive growth highlights the sector’s vital role in the country’s economic landscape.
April 2024 was particularly noteworthy, with engineering exports jumping by 50.3% to $431.5 million from $287.1 million in April 2023. This monthly increase is a record for the sector.
Key Contributors to Export Growth
Sherif Al-Sayyad, Chairperson of the Engineering Export Council of Egypt, identified several key sectors that contributed to this growth:
Cables: 36.3% increase
Automotive Components: 51.3% rise
Household Appliances: 18.2% growth
Electrical and Electronic Industries: 18.9% increase
Transportation Equipment: 151.1% surge
These sectors have shown robust performance, underscoring the engineering sector’s capacity to enhance Egypt’s export profile.
Strategic Efforts and Future Goals
The council’s collaborative efforts with the Ministry of Trade and Industry have been pivotal in achieving this export growth. Al-Sayyad emphasized the importance of these efforts in supporting the state’s strategy to boost commodity exports and achieve a target of $145 billion by 2030. The engineering sector is not only boosting exports but also generating employment and adding value to local manufacturing.
Mai Helmy, Executive Director of the Engineering Export Council, outlined a strategic plan to further increase exports by 15% to 20% in 2024. This includes participating in international exhibitions, trade missions, and external trade weeks. Given the current growth trajectory, Helmy believes these targets are attainable.
Enhancing Competitiveness
Helmy also highlighted the importance of reducing production costs and deepening local manufacturing to make the sector more competitive and attractive to foreign investors. Key initiatives include:
Offering incentives for investments in high-precision technology and high-cost import components.
Establishing accreditation facilities to maintain export quality.
Implementing strategies to lower production costs, facilitating market penetration while ensuring high-quality exports.
Expanding Global Reach
Egypt’s engineering exports have made significant inroads in various global markets, including Europe (e.g., the UK, Turkey, France, Germany), Asia (e.g., Saudi Arabia, UAE, Iraq), and Africa (e.g., Nigeria, Ghana, Kenya). This extensive market reach showcases the international recognition of Egyptian engineering products.
Overall, the engineering sector’s robust growth in early 2024 signifies a promising future for Egypt’s export landscape, driving economic diversification and sustainable development.
Photo source:Google
By: Montel Kamau
Serrari Financial Analyst
28th May, 2024
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