Egypt's engineering exports rise 25.6% to almost $4B in 2024

Egypt’s engineering industry exports recorded a remarkable 25.6% increase from January to September 2024, reaching $3.936 billion compared to $3.133 billion during the same period in 2023, according to the Engineering Export Council of Egypt (EEC). In September alone, engineering exports rose by 15%, amounting to $446.2 million, up from $387.7 million in September 2023.

This growth was fuelled by key sectors, including cables, electrical equipment, automotive components, home appliances, electrical and electronic industries, and transportation. Cable exports saw a significant increase of 33.6%, while electrical equipment grew by 8.1%.

Automotive components rose by 24.4%, home appliances by 5.8%, and the electrical and electronic industries by 9.3%. The transportation sector witnessed an exceptional surge of 107%.

Egypt’s engineering exports found strong demand in European markets, particularly the UK, Turkey, France, and Germany. In Asia, Saudi Arabia, the UAE, Iraq, and Lebanon emerged as major recipients, while Libya, Algeria, Morocco, and Tunisia led the African market.

The EEC has set a target to raise engineering exports to $5 billion in 2024, up from $4.3 billion in 2023, reflecting a projected growth of 16.3%. To achieve this, the Ministry of Finance implemented a 15% deduction on delayed dues as part of the immediate cash payment initiative to enhance competitiveness in global markets.

The government also succeeded in attracting 12 international companies to invest in the home appliances and electrical sectors in 2023.

The engineering sector, which employs 19% of Egypt’s workforce, continues to play a vital role in the country’s economic development. With sustained efforts and strategic initiatives, the industry remains a cornerstone of Egypt’s export-driven growth.