Egyptian engineering exports hit $348M in January 2024: EECE

Egypt's engineering exports recorded $348 million in January 2024, compared to $277.7 million in January 2023, achieving a growth rate of 25.4 percent, according to data released by The Engineering Export Council of Egypt (EECE).

 

Several engineering sectors witnessed increases in exports during January 2024 compared to the same period in 2023. Among the most prominent sectors, cables experienced a remarkable growth of 69 percent, while automobile components saw an increase of 46.6 percent. 

 

Furthermore, Home appliance exports rose by 3.1 percent, the electrical and electronic industries reported a growth of 3.2 percent, and the transportation sector exports soared by 252.8 percent.

 

The EECE has a strategy to increase exports in 2024 by a rate ranging between 10 to 15 percent, based on the enormous potential of the Egyptian engineering industries, according to a statement by Executive Director of the EECE, Mai Helmy.

 

Earlier in January, the EECE reported that Egypt's exports of engineering industries grew by 10.5 percent in 2023, to reach $4.245 billion for the first time in history, compared to $3.841 billion in 2022.

 

In February, the Central Agency for Public Mobilization and Statistics (CAPMAS) reported that Egypt’s trade deficit value widened by 5 percent during November 2023 to reach $3.07 billion compared to $2.92 billion in the same month of the previous year.