Egypt-US Trade Rate Up by 13.4% in First 9 Months of 2022

Newspaper Title: https://egyptianstreets.com/

Newspaper Number:

Tuesday - 15 November 2022

According to a report by the Egyptian Central Agency for Public Mobilisation and Statistics (CAPMAS), the volume of trade exchange between the United States and Egypt has reached USD 7.3 billion (EGP 180.4 billion) in the first nine months of 2022.

This contrasts the USD 6.5 billion (EGP 160.6 billion) amassed during the same period of 2021, marking a 13.4 percent increase in overall trade rate.

For the first nine months of 2022, Egyptian exports to the United States saw a slight decrease to USD 1.8 billion (EGP 44.5 billion) in comparison to the USD 1.9 billion (EGP 46.9 billion) seen in 2021. These exports included clothing at USD 1.1 billion (EGP 27.1 billion), plastics at USD 136.5 million (EGP 3.3 billion), and carpets and floor accessories at USD 177.4 million (EGP 4.3 billion).

Strikingly, Egypt’s imports from the United States rose by 19.5 percent over the course of the same year. These imports included seeds and medicinal plants at USD 1.9 billion (EGP 46.9 billion), fuel and mineral oils at USD 1 billion (EGP 24.7 billion), and various pharmaceutical products at USD 326.2 million (EGP 8 billion).

This report comes in the wake of the US-Africa summit currently held in Washington DC, hosted by the United States President Joe Biden and attended by Egyptian President Abdel Fattah al-Sisi. On the sidelines of the summit, al-Sisi is scheduled to meet with “Republican and Democratic members of a ‘Friends of Egypt’ group in Congress.”