During the first half (H1) of 2021, engineering exports also saw a 54% increase, reaching $1.462 billion compared to $950 million in H1 2020
Engineering exports saw a 44% climb in the first 8 months of 2021, recording $1.95 billion compared to $1.35 million during the same period in 2020, announced the Engineering Export Council of Egypt (EECE).
According to the EECE, exports increased by 35% to $274.5 million in August 2021 alone, compared to $204 million in August 2020.
During the first half (H1) of 2021, engineering exports also saw a 54% increase, reaching $1.462 billion compared to $950 million in H1 2020.
Related > Increased demand leads Egypt’s PMI to hit record high in August
Exports for electrical appliances increased by 16%, automotive components by 65%, cables by 97%, household appliances by 63%, and electrical and electronic industries by 54% during the first 8M of 2021.
Sherif El-Sayyad, Chairperson of EECE, announced the inclusion of new products for the export support program, including smart cards, electrical feeding industries, electronic and household appliances, food processing, packaging machinery lines, agricultural machinery, razors, and molds.
Praising the new program for supporting exports, El-Sayyad noted that it is one of the mechanisms for increasing national exports to $100 billion in the coming years, according to the directives of President Abdel Fattah Al-Sisi.
Related > Non-oil exports jump 22% YoY in first 7 months of 2021: TradeMin
The main regions to which engineering exports increased in the same period were Europe (UK – Turkey – Slovakia – France – Germany – Spain – Greece), Asia (UAE – Saudi Arabia – Iraq – Jordan – Kuwait – Lebanon – China), and Africa (Algeria – Morocco – Libya – Sudan – Kenya – Nigeria – Tunisia).
El-Sayyad noted that the provision of financial liquidity to exporters during the recent period through the lump sum payment initiative of export subsidy dues helped in solving the problems of the export file.
According to Mai Helmy, Executive Director of EECE, the council is communicating with all parties related to the export file, such as customs, taxes, the Export Support Fund, the Exhibitions Authority and the Export Development Authority in order to speed up the services obtained by engineering companies.
Helmy confirmed that EECE organized a number of meetings and events, the latest of which was a symposium for companies participating in the Egyptian mission to Zambia, provided that all upcoming events would be announced successively with the participation and coordination with representatives from government agencies.
