CAIRO – March 22, 2021: Exports of engineering merchandise elevated 9.8% within the first eight months of fiscal 12 months 2020/2021, on an annual foundation, based on the Engineering Industries Export Council.

The council mentioned in a press release on Monday that exports of engineering items recorded $ 1.801 billion within the first eight months of fiscal 12 months 2020/2021, in comparison with $ 1.639 billion in the identical interval of 2019/2020.

The council revealed that exports rose 19% in February 2021, to $ 240.5 million, from $ 202.7 million in the identical month a 12 months earlier.

He mentioned exports of engineering merchandise in January and February 2021 noticed a rise of 15 p.c, reaching $ 460.9 million by means of the top of February, in comparison with $ 401.4 million for a similar interval in 2020, with exports rising considerably for the second consecutive month.

Export Council Chairman Sherif Al-Sayyad mentioned the engineering sectors have seen outstanding progress within the first two months of this 12 months on account of excessive delivery prices from China, which has gave a comparative benefit to Egyptian export sectors in engineering. Industries.

Relating to crucial progress sectors, the Chairman of the Board revealed that automotive parts grew by 11.4%, family home equipment by 45.4%, cables by 38.2%. %, electrical and digital industries 37.9% and transport 56.2%.

Relating to the sectors whose exports declined throughout the identical interval, Al-Sayyad defined {that electrical} home equipment fell by 9.1%, minerals by 39.7%, pumps, boilers. and engines by 26%.

Of crucial nations to which engineering exports elevated in January and February 2021 in comparison with the identical interval final 12 months, he reported that exports to the UK elevated by 0.3% , Turkey 74.7%, France 2.5%, Saudi Arabia 67.9%, Morocco 30.6%, Algeria 3.3%, Sudan 102.7%, Jordan 43.2%, Hong Kong 100 564%, Spain 21.3%, Kenya 51.6% and Lebanon 341.7%

Al-Sayyad reiterated the necessity to intervene and scale back manufacturing prices in Egypt by 10 to fifteen% with a view to double exports by counting on quite a lot of axes, crucial of which is the remedy of customs distortions that have an effect on the prices of exports. product and deepen the native element of the trade.

He additionally referred to the event of clear provisions within the export help program requiring reimbursement of export costs inside a interval not exceeding 6 months, the presence of Egyptian accreditation components for exported items and the creation of means to draw overseas funding to the nation. industries that feed the sector.

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