Egypt's engineering exports rise to $983M in Q1 2022
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Loading... - Arbi Mounir
- 28 Apr 2022
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Egypt's engineering exports rose during the first quarter (Q1) of 2022 by 32 percent to $983 million, compared to $743 million in the same period of 2021
Egypt's engineering exports rose during the first quarter (Q1) of 2022 by 32 percent to $983 million, compared to $743 million in the same period of 2021, according to the monthly report of the Export Council for Engineering Industries.
Engineering exports witnessed a 41 percent increase in March 2022 compared to the same month 2021, reaching $392 million in March 2022, compared to $278 million in March 2021, according to a press release.
The council’s report indicated that the most important sectors whose exports increased during 2022 until the end of March compared to the same period in 2021 were electrical appliances 66 percent, cables 100 percent, household appliances 21 percent, metals 94 percent, metal processing and formation 93 percent, machinery and equipment 116 percent.
Regarding the most important countries to which engineering exports have increased, in Europe (the United Kingdom - Slovakia - France - Germany - Spain - the Czech Republic), in Asia (Saudi Arabia - the Emirates - Iraq - Jordan - Kuwait - Lebanon) and in Africa (Morocco - Algeria - Libya - Ghana).
Sherif El-Sayyad, head of the Export Council for Engineering Industries, said that the continuation of the boom in 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 in order to continue achieving export leaps over the coming years.
He pointed out that the Russian-Ukrainian war affected the prices of raw materials all over the world, which puts strong pressure on the final prices of products not only in Egypt but in all markets.
In turn, Mai Helmy, Executive Director of the Export Council, confirmed that the Council is continuing its activities to enter new markets, and that there is a response from some markets in Africa, where several agreements were signed between Egyptian companies and their counterparts in several countries such as Zambia and Nigeria. Read More...
