Engineering Exports Surge 25.6% To $3.9Bn In 9M 2024
Date
11/23/2024 3:23:06 AM
(MENAFN- Daily News Egypt) Egypt's engineering exports surged by 25.6% to $3.9bn in the first nine months of 2024, compared to $3.1bn during the same period in 2023.
The monthly report from the Engineering Export Council of Egypt revealed a 15% increase in exports for September 2024 compared to the same month in 2023, amounting to $446.2m compared to $387.7m.
Sherif El-Sayyad, the Chairperson of the Engineering Export Council of Egypt, announced that the council aims to achieve export levels of $5.25bn by the end of 2024 and is targeting $6bn in 2025.
He noted that the council's plan seeks an annual growth rate of no less than 20%, significantly contributing to the state's goal of reaching $145bn in total exports.
Key sectors that witnessed export growth in 2024 (up to September) compared to the same period in 2023 include: cables by 33.6%, electrical appliances by 8.1%, automotive components by 24.4%, home appliances by 5.8%, electrical and electronic industries by 9.3%, and transportation equipment by 107%.
The main destinations for increased engineering exports during the same period include: Europe, with notable growth in the United Kingdom, Turkey, France, Germany, Georgia, Italy, the Czech Republic, Spain, Ireland, and Slovenia. In Asia, key markets include Saudi Arabia, the UAE, Iraq, Lebanon, Azerbaijan, and Qatar, while in Africa, exports to Libya, Algeria, Morocco, Tunisia, Kenya, Ghana, and Nigeria also saw significant growth.
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