Volume of US investments in Egypt increases by 19.8% to $9.2bn in FY2020/21

Newspaper Title: https://dailynewsegypt.com/

Newspaper Number:

Saturday - 16 July 2022

ata from the Central Agency for Public Mobilisation and Statistics (CAPMAS) revealed on Saturday that the value of US investments in Egypt increased to $9.2bn in FY2020/21, compared to the previous FY’s $7.7bn — an increase of 19.8%.

According to the agency, the value of remittances from Egyptians working in the US recorded $1.4bn, compared to $975.2m — an increase of 40.9% — while the value of remittances of American expats working in Egypt amounted to $42.8m, compared to $49.9m — a decrease of 14.1%.

It also pointed out that the value of trade exchange between Egypt and the US increased to $8.6bn in 2021, compared to $6.3bn in 2020 — an increase of 37.4%.

Furthermore, the agency explained that the value of Egyptian exports to the US increased to $2.5bn, compared to 2020’s $1.6bn — an increase of 56.3% — while the value of Egyptian imports from the US amounted to $6.1bn, compared to $4.7bn — an increase of 30.9%.

According to the agency, the most important commodity groups exported by Egypt to the US in 2021 included clothes worth $1.2bn, carpets and floor coverings worth $206m, plastics and their products worth $167.5m, and glass and its products worth $90.3m.

Egypt’s top imported commodity groups from the US, however, included medical drugs and herbs worth $1.6bn; fuels; mineral oils and their distillation products worth $1bn; pharmaceutical products worth $447.8m; air and spacecrafts worth $418m; and boilers, machines, and robotic devices worth $352.4m.