Egypt’s engineering exports record growth rate of 9.8% in 11 months

Egypt’s engineering exports increased by 9.8 percent to record $1.8 billion in the first eight months (8M) of fiscal year (FY) 2020/21, compared to $1.6 billion during the same period of FY 2019/20.

According to Engineering Export Council of Egypt (EEC), the engineering industries exports has witnessed a growth of 15 percent during January and February recording $460.9 million compared to $ 401.4 million in same period a year earlier.

The council revealed that the sector’s exports climbed by 19 percent during February 2021, recording $240.5 million, compared to $202.7 million during the same month of prior year.

The engineering sectors witnessed a remarkable growth during the first two months of the current year on the back of higher shipping costs on exports from China, which gave a comparative advantage to the Egyptian engineering export industries, according to EECE Chairperson Sherif El-Sayyad.

The engineering sectors that saw an increase in exports are: automobile components by 11.4 percent; cables by 38.2 percent; household appliances by 45.4 percent; and transportation vehicles by 56.2 percent, he added.

Meanwhile, the top countries importing Egyptian engineering products are: the UK, France and Spain in Europe; Saudi Arabia, Lebanon and Jordan in Asia; and Algeria, Morocco, Sudan, Kenya in Africa.