Egypt's engineering exports increased by 25.4% during January 2024, reaching $348 million, compared to $277.7 million
Egypt's engineering exports increased by 25.4% during January 2024, reaching $348 million, compared to $277.7 million in January 2023, according to data released by The Engineering Export Council of Egypt (EECE).
The most prominent engineering sectors whose exports increased during January 2024 compared to January 2023 are cables, which achieved a growth of 69%, automobile components increased by 46.6%, home appliance exports increased by 3.1%, electrical and electronic industries increased by 3.2%, and transportation exports increased by 252.8%.
The EECE has a strategy to increase exports in 2024 by a rate ranging between 10 to 15%, 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% 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% during November 2023 to reach $3.07 billion compared to $2.92 billion in the same month of the previous year.
Egypt’s exports decreased by 20.6% reaching $3.21 billion during November 2023 compared to $4.04 billion during the same month of the previous year.
