- During the first 11 months of 2021, Egypt recorded a historic 45 per cent increase in the engineering export sector to hit US$3 billion, compared to US$2.1 billion in the corresponding period in 2020
- Engineering exports in the country rose by 32 per cent to US$983 million in Q1 2022, compared to US$743 million in Q1 2021
- The exports were distributed globally, with Europe accounting for 48 per cent (US$1.4 billion), Asia US$951 million, Africa $535 million, while South America and North America together contributed to a total of $77 million in exports
Egypt has clocked the mark as an African giant in engineering exports. According to the Export Council for Engineering Industries monthly report, engineering exports in the country rose by 32 per cent to US$983 million in Q1 2022, compared to US$743 million in Q1 2021.
Engineering exports from Egypt 2022
In March 2022, engineering exports witnessed a 41 per cent increase to US$392 million in March 2022, compared to US$278 million in March 2021, according to a press release from the council.
Compared to March 2021, the export council report indicated that the essential sectors whose exports increased in March 2022 included machinery and equipment by 116 per cent, cables by 100 per cent, metals by 94 per cent, metal processing and formation by 93 per cent, electrical appliances by 66 per cent and household appliances by 21 per cent.
The high engineering exports have not started this year. During the first 11 months of 2021, Egypt recorded a historic 45 per cent increase in engineering exports to hit US$3 billion.
The head of the Export Council for Engineering Industries, Sherif El Sayyad said that the highest hike in the sector’s history led the engineering industry’s exports to reach US$3 billion, compared to US$2.1 billion in the corresponding period in 2020.
Egypt exports Engineering products globally
The exports were distributed globally, with Europe accounting for 48 per cent (US$1.4 billion), Asia US$951 million, Africa $535 million, while South America and North America together contributed to a total of $77 million in exports.
Egypt’s engineering products have increased their exports to countries like the United Kingdom, Slovakia, France, Germany, Spain, the Czech Republic, Saudi Arabia, UAE, Iraq, Jordan, Kuwait and Lebanon. In Africa, Egypt’s engineering products importers include Morocco, Algeria, Libya, and Ghana.
The head of the Export Council for Engineering Industries, Sherif El-Sayyad, said that the boom in the country’s engineering exports is due to the current high external demand in light of the lack of supply from some countries, pointing out that the Egyptian engineering sectors need to reduce production costs to continue achieving export leaps over the coming years.
Sherif El-Sayyad pointed out that the Russian-Ukrainian war affected the prices of raw materials globally, which puts intense pressure on the final prices of products in Egypt and all markets.
Additionally, Mai Helmy, the executive director of the Export Council, confirmed that they are boosting their activities as they eye new markets. He added a response from some African markets, such as Nigeria and Zambia, where several agreements were signed between Egyptian companies and their counterparts in these countries.
Helmy revealed that the Export Council for Engineering Industries held a meeting with Egypt’s ambassador to Angola, Amb Mohamed Safwat, to start preparations for the trade mission to Angola scheduled from June 27 to July 1, 2022.
Angola keen to boost inter-trade with Egypt
Ambassador Mohamed Safwat states that there are many export opportunities for Egyptian companies in Angola.
In turn, the Angolan minister for foreign affairs, Téte António, affirmed that Angola is keen to boost inter-trade, investments and cross-border relations with Egypt.
Téte António, while speaking during last month’s Angola-Egypt investment roundtable deliberations organized by the African Export-Import Bank (Afreximbank), he said his country offers opportunities offering a gateway for Egypt to enter Central and South African markets.
The Angolan delegation to Egypt grouped more than 50 representatives of the public and private sectors.
Angola is both feet in to continue promoting their relations with Egypt, benefiting from the tremendous economic opportunities in the two countries, and proceeding with bilateral dialogue and strategic partnership between them.
The Angolan minister added that banks and financial institutions should provide funding for the infrastructure projects promoting economic activities to help narrow down imports from outside Africa while increasing its exports.