In a remarkable achievement, Egypt’s engineering exports have witnessed an unprecedented surge, reaching a historic high of $1.673 billion during the first four months of 2024. Sherif Al-Sayyad, Chairperson of the Engineering Export Council of Egypt, announced this impressive growth, emphasizing the sector’s significant contribution to the nation’s export objectives.
The engineering industry plays a crucial role in Egypt’s economy, and its recent performance underscores its immense capabilities. Let’s delve into the details of this remarkable achievement.
Unprecedented Increase
From January to April 2024, engineering exports soared by 32.3%, compared to the same period in 2023 when they stood at $1.264 billion. This surge highlights the resilience and competitiveness of Egypt’s engineering industries, positioning them as key players in the global market.
Sector Breakdown
Several sectors within engineering exports contributed to this remarkable growth:
- Cables: Experienced a 36.3% increase.
- Automotive Components: Surged by 51.3%.
- Household Appliances: Grew by 18.2%.
- Electrical and Electronic Industries: Expanded by 18.9%.
- Transportation Equipment: Soared by an impressive 151.1%.
Sustainable Efforts and Export Expansion
To maintain this positive momentum, sustainable efforts are essential. Egypt’s engineering industries must continue accessing new markets while nurturing traditional ones. The Engineering Export Council, in collaboration with the Ministry of Trade and Industry, has successfully implemented export expansion plans. Achieving sustainable growth aligns with Egypt’s strategy to enhance commodity exports and reach a target of $145 billion in Egyptian exports by 2030.
Job Creation and Value-Added
Beyond exports, the engineering sector significantly contributes to job creation and value-added in local manufacturing. Its distinguished reputation in global markets positions it as a key driver of Egypt’s export growth strategy.
Looking Ahead
Mai Helmy, the Executive Director of the Engineering Export Council, outlined ambitious goals for 2024. The council aims to increase exports by 15% to 20% through participation in international exhibitions, trade missions, and external trade weeks. By reducing production costs and attracting foreign investments, Egypt’s engineering industries can continue their upward trajectory.
Egypt’s engineering exports have reached unprecedented heights, reflecting the nation’s industrial prowess. As the sector continues to innovate and expand, it remains a beacon of economic growth and global competitiveness.
