Egypt’s exports of engineering and electronic industries to Iraq reached 1.7 billion Egyptian pounds (US$237.7 million), the highest level in history.
During the period from January to September 2014, the Egyptian exports hit a record of 100% growth, up from 820 million pounds for the same comparable period a year earlier.
The quantum leap in Egypt’s engineering and electronic exports to Iraqi markets was unexpected; challenging the current political instability in Iraq, sources from the Foreign Trade Sector told Amwal Al Ghad.
“The leap comes in contrast to the ongoing clashes in many Iraqi cities between the Islamic State of Iraq and Levant (ISIL or Daesh) and the country’s army.” The sources noted
Multiple economic reports and researches had previously referred to a potential decline in the level of global exports to the Iraqi market, hurt by the ongoing militant conflict in the country. However, the Egyptian engineering and electronic exports made an exception, to witness a record level.
In 2013, Egypt’s exports of engineering products to Iraq recorded around 1.1 billion pounds.
From his part, Khaled Ibrahim – Chairman of the Egyptian Engineering Export Council – has expressed his confidence in the companies working in the country’s engineering export sector. He hailed sectors’ capability in continuing its landmark performance, notably the Car Components sector led by Leoni Wiring Systems, the Electrical Appliances led by Universal Group, and Cables Sector led by ElSewedy Electric.
