Egypt-Saudi Arabia bilateral trade hits $9.5bln in 11 months

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

Newspaper Number:

Thursday - 23 February 2023

Cairo – The trade exchange value between Egypt and Saudi Arabia amounted to $9.50 billion during the first 11 months (11M) of 2022, an annual increase of 19.10% from $7.90 billion.

Egypt exported goods worth $2.20 billion to Saudi Arabia in January-November 2022, up 7.50 year-on-year (YoY) from $2 billion, according to the Central Agency for Public Mobilization and Statistics (CAPMAS).

Meanwhile, the Arab Republic's imports from the Kingdom rose by 23.20% YoY to $7.30 billion in 11M-22 from $5.90 billion.

During fiscal year (FY) 2021/2022, Saudi investments in Egypt were valued at $491.60 million, an annual leap of 51.10% from $325.30 million.

Remittances of Egyptians working in Saudi Arabia hit $11.20 billion in FY20/21, higher by 17% than $9.60 billion in FY19/20.

The remittances of Saudi citizens working in Egypt grew by 4.90% YoY to $18.50 million in FY20/21 from $17.60 million.