Egypt looks to boost electrical industry exports by no less than 15% by 2024

Cairo – July 18 2023: Sherif El-Sayyad, Chairperson of the Engineering Export Council of Egypt (EEC), stated that Egypt’s electrical industry sector is one of the most promising export sectors in the country.

In an official statement by the Ministry of Trade and Industry, El-Sayyad revealed that Egypt is eager to increase the sector’s exports by at least 15 percent next year.

The sector’s exports surged by 47.5 percent, to record around $158 million during the first 5 months of 2023, the EEC chairperson explained, compared to $107 million in the same period last year. Annually, electrical industry exports were up by 8.3 percent to hit $317 million in 2022, compared to 2021’s recorded $268 million.

Electrical industry exports in 2022 were mainly received by Saudi Arabia, France, Oman, Turkey, the United Kingdom, the UAE, Pakistan, Malta, and Lebanon.

On the sidelines of the Egypt Power Show yesterday, Minister of Trade and Industry Ahmed Samir noted that Egyptian engineering exports saw a 0.7 percent increase during the first 5 months of 2023 to hit $1.64 billion, according to local media.

Annually, Egypt’s engineering exports grew by around 10 percent to reach $3.879 billion in 2022 from $3.497 billion in 2021, the trade minister highlighted in an official statement after the event.

The Egypt Power Show is organized by the Engineering Export Council of Egypt (EEC), with over 30 international buyers expected to attend. The convention highlights several categories of engineering exports including machinery and equipment, transportation equipment, scientific and measuring instruments, and engineering services.

In a separate release earlier this year, Samir revealed that engineering export growth in 2022 was mainly driven by machinery, metal forming products, pumps and engines, cables, and electrical industry exports.

Egypt’s trade deficit jumped 23.8 percent in April to hit $2.33 billion, up from $1.89 billion in April 2022, primarily driven by a decline in natural and liquefied gas exports, which fell by 75.6 percent, according to the monthly bulletin by the Central Agency for Public Mobilization and Statistics (CAPMAS).