09/12/2021
The Export Council for Engineering Industries announced that the sector's exports recorded a big jump during the period from January to the end of October 2021, an increase of 44%, to reach $2.643 billion, compared to $1.838 billion in the same period last year.
Mai Helmy, Executive Director of the Export Council, revealed that Egypt's engineering exports achieved the largest export number on a monthly basis. During October 2021, exports recorded a growth of 45 percent, reaching $351.5 million, compared to $242.9 million in October 2020, achieving the largest monthly export number. Since 2009.
Regarding the most important sectors whose exports increased during 2021 until the end of October, Mai Helmy indicated that electrical appliances achieved a growth of 31%, car components increased by 45%, cable exports jumped 103%, household appliances increased 52%, and electrical and electronic industries achieved 40% increase.
As for the most important countries that have increased their engineering exports during the first 10 months of 2021, they are from Europe “the United Kingdom – Slovakia – Turkey – France – Germany – Spain – Greece – Russia – Italy – the Czech Republic” and from the continent of Asia “Saudi Arabia – UAE – Iraq – Jordan - Kuwait - Lebanon - China" and from the African continent "Morocco - Libya - Sudan - South Africa - Nigeria - Tunisia"
Engineer Sherif El-Sayyad, head of the Export Council for Engineering Industries, confirmed that engineering exports will continue their leap during 2021 and achieve outstanding numbers, which reveals that Egyptian industries need more support in terms of reducing production costs, as cost reduction will enable the continued awakening and leap in export numbers in the coming years.
Al-Sayyad added that the exports in the sector benefited strongly from the significant increase in shipping costs and the rise in prices in China and Turkey, so it is necessary to find a price advantage for the Egyptian product in the coming period, to avoid a decline in external demand as things return to normal in our competing countries.
The head of the Export Council indicated that there is an acceptance of Egyptian production from the engineering sector in countries importing from Egypt, and with the tendency to create a price advantage for Egyptian products, this will be a major support for the doubling of export numbers to triple in the coming years.
