Engineering Export Council of Egypt has announced that the sector’s exports increased by 10% to $3.32bn from January to November 2022, compared to $3bn in the same period in 2021.
The monthly report of the EEC stated that the most prominent sectors whose exports increased in the first 11 months of 2022 compared to the same period in 2021 are, cables achieved an increase of 33%, car components increased by 15%, home appliances recorded an increase of 5%, and machinery and equipment achieved 128% increase.
The report noted that electrical and electronic industries registered an increase of 2%, while exports of means of transportation increased by 14%, metal forming recorded a remarkable jump by 96%, and exports of pumps, boilers and engines increased by 91%.
The most important importers of Egypt’s engineering products are the United Kingdom, France, Germany, Czech Republic, Spain, Italy, Malta, and Netherlands in Europe; Saudi Arabia, the UAE, Kuwait, Jordan, Lebanon, and Oman in Asia; Algeria, Morocco, Libya, Kenya, Ghana, and Côte d’Ivoire in Africa; and USA, Argentina, and Brazil in the Americas.
Chairperson of the EEC Sherif El-Sayyad stated that the Council seeks to open new export markets, especially in Africa, in order to support the state’s plans to promote exports and achieve the goal of reaching exports to one $100bn in the coming years.
El-Sayyad highlighted the importance of working on a plan to reduce production cost, which gives a greater opportunity for local products to be present in new markets in light of the distinguished quality of Egyptian exports; provided that the first steps to reduce final cost of product is to remove customs on imported production inputs and components. In addition, work to provide incentive packages to attract investments in components that need precise technology and require high costs upon import, in addition to providing accreditation coefficients.
He pointed out that the EEC has a clear working paper that includes all challenges facing the engineering industries sector, which can be put forward for discussion in order to increase engineering exports, further deepen local manufacturing and attract foreign investments to strategic sectors that enter the engineering industries sector.