$5.768B Egypt's engineering, electronic product exports in 2024

Egypt's engineering and electronic product exports soared to around $5.768 billion in 2024, marking a 25% growth, as announced by Minister of Investment and Foreign Trade, Hassan El-Khatib, at the Future of Egypt's Engineering Exports Conference.

 

The minister outlined a strategic plan to reduce customs clearance times to two days by 2025. This two-phase approach involves initially shortening clearance times to four days before achieving the two-day goal.

 

The initiative is expected to enhance trade efficiency, lower logistical costs, and save Egypt an estimated $284 million annually.

 

El-Khatib emphasized that these reforms aim to position Egypt among the top 50 countries in global trade indices, with the ambition of entering the top 20 by 2030.

 

The strategy includes diversifying export markets, with a target of $145 billion in annual exports by expanding trade partnerships across Africa, Europe, Asia, and North America.

 

Highlighting the critical role of government-private sector collaboration, the minister urged the engineering sector to leverage Egypt's free trade agreements, enabling access to diverse international markets.

 

He also reaffirmed the Ministry's dedication to promoting exports by refining trade policies, adopting innovative foreign trade mechanisms, and supporting value-added industries.

 

In 2024, Egyptian exports reached $40.8 billion, reflecting a 14% increase, further underscoring the country's commitment to strengthening its global trade presence.