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Trade Trends News
06-03-2024
Egypt's engineering sector exports increased by 25.4% in January 2024 to reach $348 million, compared to $277.7 million in January 2023, the Egyptian Engineering Export Council announced.
The committee said that the sectors with the most prominent export growth in January 2024, compared to January 2023, were cables, which grew by 69%, automotive parts, which grew by 46.6%, and household appliances, which grew by 3.1% . Meanwhile, exports of the electrical and electronics industry grew by 3.2 % and exports of transportation tools by 252.8 %.
The committee also reported that the most important markets for engineering exports in January 2024 are Europe, Asia and Africa, as well as other markets such as the United States. Among European countries, Turkey is the largest importer of Egypt, followed by the UK, France, Lithuania, the Czech Republic, Germany and Slovakia. Among Asian countries, Saudi Arabia, UAE, Iraq, Jordan and Lebanon are the major importers of Egypt. Among African countries, Libya, Morocco, Algeria, Burkina Faso, Sudan, Nigeria and Kenya are Egypt's main importers.
Mai Helmy, executive director of the Egyptian Engineering Export Council, said that the growth of exports in the engineering industrial sector in January 2024 is a continuation of the positive results achieved in 2023, when exports exceeded the $4 billion level for the first time.
Helmy revealed that the council is implementing a strategy to increase exports by 10% to 15% by 2024, given the great potential of the engineering sector in Egypt.
On the other hand, Marie-Louis Bishara, chairman of the Readymade Garments and Apparel Export Committee, said that the committee announced a 35% increase in exports from the apparel sector in January 2024 to reach $259m, compared to January 2023's $192m.
Bishara said that the US is Egypt's largest import market, with imports amounting to $106 million in January 2024, compared to $90 million in January 2023, a growth rate of 18%. She added that the sector's exports to European countries also achieved a 42% growth, reaching $54 million in January 2024, compared to $38 million in January 2023, she said.
She noted that Turkey received $24 million worth of products in January 2024, up 62 % from $15 million in January 2023, while exports to Spain reached $12 million in January 2024, up 35 % % from $9 million in January 2023. She added that exports to Germany increased to $10 million in January 2024 compared to $9 million in January 2023, a 13 % increase.
She revealed that the sector's exports to Arab countries also grew significantly by 54 % to reach $57 million in January 2024, compared to $37 million in January 2023. She said the UAE was the largest Arab country importing from Egypt, valued at $23 million in January 2024, compared to $21 million in January 2023, an increase of 6 %. She also said that exports to Libya increased to $12 million in January 2024 compared to $4 million in January 2023, an increase of 243 %.
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