Egypt’s Engineering Exports Surge to 29.9% in First 7 Months of 2024
Egypt’s engineering exports jumped 29.9% to USD 3.052 billion in the first seven months of 2024, with July alone seeing a 37.9% rise of USD 454.5 million.
The Engineering Export Council of Egypt announced a 29.9% increase in engineering exports for the first seven months of 2024, reaching USD 3.052 billion, a leap up from USD 2.350 billion in the same period last year. In July alone, a 37.9% rise in exports totaled USD 454.5 million compared to USD 329.6 million in July 2023. This growth supports the council's goal of sustainable export expansion and aligns with the state’s target set for USD 145 billion in exports.
Key sectors showing growth include cables (+36.2%), automotive components (+32.8%), electrical appliances (+5.5%), household appliances (+12.2%), electrical and electronic industries (+8.6%) and transportation means (+152.4%).
Notable export markets from January to July 2024 include the UK, Ireland, Italy, Turkey, France, Germany, Saudi Arabia, UAE, Iraq, Libya, Morocco, Tunisia, Kenya, Ghana, Nigeria, Angola, Uganda, the Democratic Republic of the Congo and Rwanda.
The Engineering Export Council highlighted the strong performance and the importance of exploring new markets, and stressed the need for cost reduction and deeper local manufacturing to attract foreign investment while meeting industrial needs.
The council also outlined a strategy to boost exports by 15% to 20% in 2024, leveraging Egyptian engineering capabilities. The strategy includes participating in international exhibitions, organizing trade missions and engaging with government officials. With the current growth trajectory, the council anticipates exceeding its targets by the end of the year.
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