Egypt's engineering industries exports jump by 10.5% in 2023: EECE

CAIRO – 29 January 2024: Egypt's engineering industry exports experienced a growth rate of 10.5 percent, reaching a record-breaking $4.245 billion in 2023, as reported by the Engineering Export Council of Egypt (EECE).

This marked the highest value achieved in the history of engineering exports, surpassing the $3.841 billion recorded in 2022, according to the statement.

The EECE also highlighted notable increases in other export categories. Transportation exports witnessed a surge of 116.3 percent, while machinery and equipment exports grew by 67 percent, and metal-forming exports rose by 62.7 percent.

Cable exports achieved a substantial growth of 53.2 percent during 2023, while metal exports increased by 27.3 percent.

Additionally, the electrical and electronic industries’ exports experienced a growth of 20.9 percent, and home appliances exports recorded an increase of 2.5 percent.

Building on this success, the EECE has set its sights on further expanding the sector's exports in 2024. The organization aims to achieve a growth rate ranging from 10 to 15 percent, based on the vast potential of the Egyptian engineering industries, Executive Director of the EECE, Mai Helmy confirmed.

Earlier in January, the Central Agency for Public Mobilization and Statistics (CAPMAS) reported that the value of the trade deficit decreased by 16.6 percent in October 2023, to reach $3.15 billion, compared to $3.78 billion in October 2022.

According to CAPMAS, Egypt’s exports decreased by 19.2 percent in October 2023, to reach $3.23 billion, compared to $4.00 billion in October 2022.