Egypt-US trade exchange rises to $8bln in 10M-22

Newspaper Title: www.zawya.com

Newspaper Number:

Wednesday - 1 February 2023

Cairo –  The value of bilateral trade between Egypt and the US amounted to $8 billion in the first 10 months (10M) of 2022, an annual growth of 12.20% from $7.20 billion.

The US received Egyptian exports worth $2 billion in 10M-22, down 5.20% from $2.10 billion during the same period in 2021, MENA cited the Central Agency for Public Mobilization and Statistics (CAPMAS).

Meanwhile, the Arab Republic imported American goods at an aggregated value of $6 billion in the January-October 2022 period, a 19.30% year-on-year (YoY) increase from $5.10 billion.

During fiscal year (FY) 2020/2021, American investments in Egypt surged by 19.80% YoY to $9.20 billion from $7.70 billion.

Additionally, the remittances of Egyptians working in the US reached $1.40 billion during July 2020-June 2021, higher by 40.90% than $975.20 million in FY19/20.

In the 12-month period that ended on 30 June 2022, the remittances of American workers in the African country plummeted by 14.10% YoY to $42.80 million from $49.90 million.

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