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Egypt
04.12.23 10:30
Economics

Egyptian machinery exports rise by 8.5 per cent

This was announced by the The Engineering Export Council of Egypt (EECE)⁠

The Engineering Export Council of Egypt (EECE) announced that exports of engineering products increased by 8.5 per cent between January and October 2023 reaching $3.516 billion, up from $3.241 million. This compares to US$3.241 million in the same period last year. This was up from US$3.241 million in the same period last year. This is reported by Daily News Egypt, a partner of TV BRICS.

EECE officials also noted that this export growth is the result of the Egyptian government's active support, which has put a lot of effort into developing the country's engineering sector. 

Thanks to reforms and a favourable investment climate, Egyptian companies have been able to increase thecompetitiveness of their products in the global market.

In addition to this, EECE also reported some trends in the industry. For example, the growing demand for electric vehicles and metal recycling equipment. These two areas have shown significant growth over thepast year and look set to continue to grow and prospective foreign buyers.

Overall, achieving such strong export performance is testament to the growing role of Egypt's engineering sector in the global economy.

The country continues to strengthen its position in the engineering market and is an important player in international trade. This is favourable for Egypt's economic and social development, contributing to GDP growth and job creation.

Photo: IStock

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