CAIRO - 28 July 2024: In the first half of 2024, Egypt experienced a significant surge in engineering exports, marking a 28.6 percent increase to reach $2.599 billion, a substantial rise from the previous $2.02 billion as reported by the Engineering Export Council of Egypt (EEC).
Sherif El-Sayyad, the Chairperson of EEC, highlighted remarkable growth in June 2024, with exports reaching $425.8 million, up from $348.1 million in June 2023.
Noteworthy sectors that witnessed export growth from January to June 2024 include cables with a 32.2% increase, automotive components with a 32.4 percent rise, home appliances with a 14.3 percent uptick, and electrical and electronic industries with an 8.2 percent increase.
European countries, particularly the United Kingdom, Turkey, France, Germany, Georgia, Italy, the Czech Republic, and Spain, emerged as key importers of Egyptian engineering exports during this period.
In Asia, countries like Saudi Arabia, the UAE, Iraq, Azerbaijan, and Qatar experienced substantial increases. Among African nations, destinations such as Libya, Morocco, Tunisia, Kenya, Ghana, Nigeria, Angola, and Congo were significant recipients.
In a recent update from the Central Agency for Public Mobilization and Statistics (CAPMAS), Egypt's trade deficit narrowed in April 2024 by 2.5 percent to $2.68 billion from $2.75 billion in April 2023.
Egyptian exports in April saw a marginal increase of 0.8 percent to $3.29 billion compared to $3.26 billion recorded in April 2023, as per the monthly bulletin.
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