Egypt's Engineering Industry Exports Exceed $5Bn For First Time In 2024

(MENAFN- Daily News Egypt) The Engineering Export Council of Egypt (EECE) has announced a historic milestone, reporting a 21.6% increase in engineering industry exports during the first 11 months of 2024. Exports reached an impressive $5.1bn, surpassing the $4.2bn mark achieved during the same period in 2023 for the first time. This growth underscores the expanding global reach and competitiveness of Egypt's engineering sector.

The EECE's monthly report revealed that engineering exports saw a notable 12.5% rise in November 2024, totaling $451m, compared to $401m in November 2023. Key sectors driving this growth included cables (up 32.7%), electrical appliances (up 6.1%), automotive components (up 15.5%), home appliances (up 4.6%), electrical and electronic industries (up 6.4%), and transportation equipment (up 92.4%).

Europe emerged as the top destination for Egypt's engineering exports, with significant demand from the United Kingdom, Turkey, France, Germany, Georgia, the Czech Republic, Spain, Ireland, and Slovenia. In Asia, countries like Saudi Arabia, Iraq, Lebanon, Oman, Azerbaijan, and Qatar saw increased imports, while African markets, including Libya, Algeria, Morocco, Tunisia, Kenya, Nigeria, Ghana, and Uganda, also reported higher demand for Egyptian engineering products.

Sherif El-Sayyad, Chairperson of the Engineering Export Council of Egypt, attributed the record-breaking export figures to the potential of Egypt's engineering industries and stressed the need for further investment in local manufacturing and global market expansion. He commended the export growth strategies implemented by the council, in cooperation with the Ministry of Investment and Foreign Trade, and emphasized that the continued success of these strategies is vital to achieving the state's goal of reaching $145bn in goods exports by 2030.

El-Sayyad further highlighted that the engineering sector is one of Egypt's most promising export industries, playing a significant role in job creation and increasing the added value of local manufacturing. He noted the sector's strong reputation in international markets, as well as its sustained growth in both manufacturing and exports.

To continue this growth trajectory, El-Sayyad called for reducing production costs and enhancing local manufacturing capabilities. He proposed a multifaceted approach, including offering incentive packages to attract investments in advanced technologies and components, establishing accreditation laboratories, and providing additional tax and customs incentives for importing production components and raw materials.

As part of its efforts to boost the sector, the EECE will host an important conference titled“The Future of Egypt's Engineering Industries Exports” on January 13, 2025. The event will feature Minister of Investment and Foreign Trade Hassan El-Khatib and other prominent leaders from the engineering industrial sector. The conference will focus on addressing the challenges facing the engineering industries, identifying opportunities to enhance exports, and formulating actionable plans to achieve export goals.

May Helmy, Executive Director of the EECE, emphasized the importance of increasing engineering exports to drive economic growth and create new job opportunities. Helmy noted that the record achievements in 2024 serve as a strong foundation to reach even higher growth rates in 2025. She also underscored the council's commitment to improving the quality of exported products to sustain the momentum, particularly as Egyptian engineering products gain recognition in major global markets such as Europe, Asia, and the Americas.

The EECE plans to continue promoting Egyptian products in international markets through participation in trade fairs, hosting buyer delegations, and organizing outbound trade missions to further boost Egypt's engineering exports on the global stage.

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