Cairo, Egypt–The Engineering Export Council (EEC) of Egypt has announced that the sector’s exports increased by 10% to $3.32bn from January-November 2022, compared to $3bn in the same period in 2021.
Also read: Egypt economy to grow 5.2% in 2021-22
According to the EEC’s monthly report, the most notable industries with export growth in the first 11 months of 2022 over the same time in 2021 were cables, up 33%, car components, up 15%, home appliances, up 5%, and machinery and equipment, up 128%.
Also read: Egypt looks to borrow $2.5bn in loan to bolster economy
According to the research, exports of the electrical and electronic sectors climbed by 2%, while exports of transportation equipment increased by 14%, metal forming saw an impressive gain of 96%, and exports of pumps, boilers, and engines increased by 91%.
Egypt’s economy was hit hard after Russia’s invasion of Ukraine last February unsettled global investors and led them to pull billions out of the North African country.
The war sent wheat prices spiraling, heavily impacting Egypt, one of the world’s largest grain importers, and piling pressure on its foreign currency reserves.
With costs driven up further by soaring global energy prices, official inflation topped 18 percent in November.
The central bank twice devalued the pound last year as the foreign currency crunch saw imported goods worth billions held up at its ports.
Amid the crisis, President Abdel Fattah al-Sisi’s government has been looking for foreign currency where it can.