Egypt, Arab countries trade exchange soars by over 18% in 9M-22

Newspaper Title: https://www.zawya.com/

Newspaper Number:

Sunday - 13 November 2022

Trade exchange between Egypt and Arab countries hit $21.90 billion during the first nine months (9M) of 2022, a year-on-year (YoY) rise of $3.50 billion, Akhbar El-Yom cited the Central Agency for Public Mobilization and Statistics (CAPMAS).

This represents an 18.90% annual increase when compared to $18.40 billion in 9M-21.

Egypt’s exports to Arab countries during 9M-22 amounted to $8.80 billion, up 7.60% or $620 million when compared to $8.20 billion in 9M-21.

Saudi Arabia topped the list of Arab countries importing from Egypt during the January-September 2022 period, with the value of Egypt’s exports reaching $1.80 billion, followed by the UAE, Libya, and Sudan with $1.30 billion, $874.60 million, and $637.60 million, respectively.

The value of Egyptian imports from Arab countries amounted to $13.10 billion during 9M-22, compared to $10.30 billion in 9M-21, a surge of $2.90 billion or 27.90%.

Saudi Arabia topped the list of Arab states exporting to Egypt during January-September 2022, with Egypt importing goods from the kingdom worth $6.40 billion, followed by Kuwait at $2.40 billion, the UAE at $2.20 billion, Oman at $625.70 million, Bahrain at $423.40 million, and Sudan at $364.30 million.

During fiscal year (FY) 2021/2022, the value of Arab countries’ investments in Egypt reached $8.20 billion, a jump of 163.80% when compared to $3.10 billion in FY20/21.

The UAE ranked first in the list of Arab nations with the highest investment in Egypt in FY21/22 with its investments in the country recording $5.70 billion, followed by Kuwait at $669.30 million, Qatar at $518.30 million, Saudi Arabia at $491.60 million, Bahrain at $457.90 million, and Tunisia at $58.70 million.

In FY20/21, the value of remittances from Egyptians working in Arab countries soared by 10.90% to $21.90 billion, compared to the previous FY’s $19.80 billion. On the other hand, the value of remittances from Arabs working in Egypt declined by 2.50% in FY20/21 to $114.90 million, from $117.80 million in FY19/20.

Saudi Arabia ranked first in the list of the highest Arab countries in terms of the value of remittances by Egyptians during FY20/21, as the value of remittances by workers recorded $11.20 billion, followed by Kuwait with $4.40 billion, the UAE with $3.40 billion, then Qatar $1.50 billion, Jordan with $774.20 million, Oman $162 million, and Bahrain with $104.10 million.