Egypt’s foreign trade records $29bln in 1Q FY2023: CBE

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

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Tuesday - 28 March 2023

The Central Bank of Egypt (CBE) has announced that the country’s foreign trade reached about $29.032bn during the first quarter (1Q) of fiscal year (FY) 2022/23, consisting of about $19.067bn in imports and about $9.965bn in exports.

According to the Central Bank’s monthly report, the volume of trade exchange between Egypt and its most important 14 trading partners, accounting for 64.6% of the total trade exchange, amounting to about $18.763bn, of which about $11.681bn were exports and about $7.081bn were imports.

The Central Bank indicated that the UAE ranked first in terms of the most important trade partners with Egypt in 1Q 2022/2023, with the trade exchange amounting to about $2.338bn, of which $1.489bn in imports and $849.2m in exports, followed by China. The volume of trade exchange amounted to $2.16bn, of which $1.919bn were imports, and $241m were exports.

The United States of America ranked third with a volume of trade exchange amounting to $2.114bn, of which $1.183bn were imports, and $931m were exports, followed by Saudi Arabia in fourth place with a volume of trade exchange of $0.081bn, of which $1.695bn were imports, and $385.9m were exports.

Germany ranked fifth with a volume of trade exchange of $1.257bn, of which $824.7m were imports and $433m were exports, while the volume of trade exchange with Spain amounted to $1.169bn, of which $280.1m were imports and $889.4m were exports, followed by the Netherlands with a trade exchange amounted to about $1.051bn, of which $383.1m were imports and $668.7m were exports.

South Korea ranked eighth with a volume of trade exchange amounting to $1.036bn, of which $311.7m were imports and $725.1m were exports. The volume of trade exchange between Egypt and Kuwait amounted to about $1.002bn, of which $963.8m were imports and $38.8m were exports.

The United Kingdom ranked 11th among Egypt’s most important trading partners during 1Q 2022/23, as the volume of trade exchange with it amounted to $974.6m, of which $450.6m were imports and $524m were exports, followed by Turkey with a trade volume of $972.8m, of which $647.8m were imports and $325m were exports, then France with a trade volume of $796.4m, of which $374.6m were imports and $421.8m were exports, while the volume of trade exchange between Egypt and Switzerland amounted to about $769.9m, of which $545.6m were imports and $224.3m were exports.

According to the Central Bank, the volume of trade exchange with other countries amounted to about $10.269bn, of which $7.385bn were imports and $2.883bn were exports.