CAIRO - 22 January 2023: Egyptian Engineering Exports hit unprecedented historical rates in 2022, reaching $3.836 billion, compared to $3.497 billion in 2021, achieving an increase of 10 percent, according to a press statement released by the Engineering Export Council of Egypt (EEC).
The top winning engineering sectors whose exports grew in 2022 are Machinery by 104 percent; Metal forming by 98.9 percent; Pumps and Engines by 75.8 percent; Cables by 25.6 percent; Electrical and electronic industries by 18.4 percent; automotive parts by 13.8 percent; Home Appliances by 0.8percent and Transportation vehicles by 10.1 percent.
Meanwhile the most important countries receiving Egyptian engineering exports are: The United Kingdom; Ireland; France; Netherlands; Italy; Germany; Spain, Czech Republic, and Malta in Europe while Saudi Arabia; UAE; Kuwait; Jordan; Oman; and Lebanon in Asia, while Algeria; Morocco; Libya; Kenya and Ghana in Africa, and finally Argentina, Brazil and USA in the Americas.
Sherif El-Sayad, EEC Chairman said that the council is planning on -not less than- 20 percent increase in the export rates in 2023 through opening new export markets, especially in Africa, in order to support the country’s strategy to boost exports and reach the goal of $100 bn in the coming years.
El-Sayad stressed that the achieved increase has not met the aspirations yet, but it’s good though, especially in wake of the current global economic turmoil and the significant decline in international trade movement. He moreover pointed that the increase in the engineering industries’ exports has included most sectors, which is a positive indicator that confirms EEC successful plans that target exports’ growth for all engineering sectors.
El-Sayad indicated that EEC activates such as international exhibitions and trade missions will target mainly the African market in 2023 in order to promote exports of various engineering sectors, as the African markets are very promising for the Egyptian products, and it also comes in line with the Egyptian government's plans to have a strong presence in the African markets.
He moreover pointed to the necessity of working on a strategy to reduce the cost of production, to give a greater opportunity for local products to be present in new markets, thanks to the quality of Egyptian exports. He explained that the first steps to reduce the final cost of the products is to remove customs on imported production inputs and components, and moreover work to provide incentive packages to attract.