(MENAFN- Daily News Egypt) Sherif Al-Sayyad, Chairperson of the Engineering Export Council of Egypt, has announced a remarkable 32.3% surge in engineering exports from January to April 2024, reaching a historic high of $1.673bn, compared to $1.264bn during the same period in 2023. This unprecedented increase underscores the sector's significant contribution to the nation's export objectives.
In April 2024, engineering exports experienced a substantial rise of 50.3%, reaching $431.5m, compared to $287.1m in April 2023-a figure unprecedented in the sector's history.
Al-Sayyad highlighted key sectors that witnessed export growth up to April 2024, including:
Cables: 36.3% growth Automotive components: 51.3% growth Household appliances: 18.2% growth Electrical and electronic industries: 18.9% growth Transportation equipment: Soaring by 151.1%
These record-breaking figures for Egyptian engineering exports in the first four months of 2024 confirm the immense capabilities of Egypt's engineering industries. They also emphasize the need for sustainable efforts to access new markets alongside traditional ones relied upon by exporting companies.
Al-Sayyad emphasized the success of export expansion plans undertaken by the council in collaboration with the Ministry of Trade and Industry. Achieving sustainable growth in exports contributes to implementing the state's strategy for enhancing commodity exports and reaching the target of $145bn in Egyptian exports by 2030.
Furthermore, the engineering sector plays a crucial role in job creation and increasing value-added in local manufacturing. It enjoys a distinguished reputation in global markets and is a key contributor to supporting the state's strategy for export growth.
Mai Helmy, the Executive Director of the Engineering Export Council, outlined the council's strategy to increase exports in 2024 by 15% to 20%. This strategy includes participation in international exhibitions, organizing trade missions, and external trade weeks. Given the current momentum in export growth, surpassing these targets by the end of 2024 is feasible.
Helmy stressed the importance of cost reduction and deepening local manufacturing to positively impact the sector and attract foreign investments. These steps involve providing incentive packages for investments in components requiring precise technology and high import costs, as well as establishing accreditation facilities.
Developing a plan to reduce production costs will significantly enhance the sector, providing greater opportunities for Egyptian products and industries to penetrate new markets while maintaining a distinct quality of Egyptian exports and increasing competitiveness.
Countries experiencing increased engineering exports in the first four months of 2024 include Europe (United Kingdom, Turkey, France, Germany, Slovakia, Georgia, Italy, Czech Republic, and Spain), Asia (Saudi Arabia, United Arab Emirates, Iraq, Jordan, and Qatar), and Africa (Libya, Morocco, Ghana, Tunisia, Kenya, Nigeria, Angola, Cote d'Ivoire, and DR Congo).
MENAFN28052024000153011029ID1108264426
Legal Disclaimer:
MENAFN provides the information “as is” without warranty of any kind. We do not accept any responsibility or liability for the accuracy, content, images, videos, licenses, completeness, legality, or reliability of the information contained in this article. If you have any complaints or copyright issues related to this article, kindly contact the provider above.