Egypts engineering industry exports grow 44% in 8 months

ArabFinance: Egypts engineering industry exports increased by 44% Year-on-Year (YoY) during the first eight months of 2021, according to recent data by the Engineering Export Council of Egypt (EECE).

Engineering industry exports stood at $1.95 billion during the first eight months of 2021, compared to $1.35 million in the same period of 2020.

On a monthly basis, exports rose by 35% to $274.5 million in August 2021, compared to $204 million in August 2020.

According to the council, the most important sectors whose exports increased during the eight-month period between January and August were: electrical appliances 16%, automotive components 65%, cables 97%, household appliances 63%, and electrical and electronic industries 54%.

The main regions to which engineering exports increased in the same period were: the UK, Turkey, Slovakia, France, Germany, Spain, Greece, the UAE, Saudi Arabia, Iraq, Jordan, Kuwait, Lebanon, China, Algeria, Morocco, Libya, Sudan, Kenya, Nigeria, and Tunisia.

Sherif El-Sayyad, Chairperson of EECE, revealed the inclusion of new products for the export support program: smart cards, electrical feeding industries, electronic and household appliances, food processing, packaging machinery lines, agricultural machinery, razors, and moulds.

He praised the new programme to support exports, which is one of the mechanisms for increasing national exports to $100 billion in the coming years, according to the directives of President Abdel Fattah el-Sisi.