Business Hub – Cairo:
The Engineering Export Council announced, The sector’s exports increased in the first half of 2022 to record 1.871 billion dollars, compared to 1.477 billion dollars in the same period in 2021, an increase of 27%.
The Export Council said in its monthly report, Engineering exports recorded an increase of 4% during June 2022 compared to the same month in 2021, reaching $303 million in June 2022, compared to $291 million in June 2021.
The Council referred to the most important sectors whose exports increased during the first half of 2022 compared to the same period in 2021, which are: Electrical appliances increased by 49%. Cables achieved 60%, while automotive components recorded an increase of 8.6%. While exports of household appliances increased by 10%, while exports of machinery and equipment increased by 117%, and finally metal exports recorded a rise of 46%.
The Export Council for Engineering Industries explained, The most important countries to which engineering exports increased, From Europe “United Kingdom – Slovakia – France – Czech Republic – Spain – Italy – Malta – Netherlands), In Asia (Saudi Arabia – UAE – Kuwait – Jordan – Lebanon) and in Africa (Algeria – Morocco – Libya – Ghana).
For his part, Engineer Sherif El-Sayyad, Chairman of the Export Council for Engineering Industries, It is necessary to continue disbursing export subsidy arrears, provided that the maximum period for disbursing the subsidy is only 3 months from the date of submitting the documents. He pointed out that the engineering industries sector is considered the black horse of exports due to its huge potential through which it can achieve a further rise in exports in the second half of 2022 by no less than 15%.
Al-Sayyad pointed out that the engineering industries sector needs an intervention to reduce the cost of production, which gives a greater opportunity to be present with national products in new markets in light of the distinguished quality of Egyptian exports. Provided that the first step in reducing the final cost of the product is the removal of customs duties on imported inputs and production components. And work to provide incentive packages to attract investments in components that require precise technology and require high import costs.
In turn, Mai Helmy, Executive Director of the Export Council for Engineering Industries, confirms, The second half of this year witnesses the organization of participation in nearly 5 major international exhibitions, in addition to two exhibitions in Egypt, most notably the hats exhibition, within the framework of an action plan to promote exports. In addition to continuing work on activities aimed at attracting international buyers to Egypt and making visits to factories.
Mai Helmy explained, Participation in international exhibitions is a great opportunity to hold bilateral meetings with buyers and importers, which creates means for companies and engineering factories to increase exports and sign future export contracts in addition to optimal promotion of exported products.