Egypt-Somalia trade exchange grows 2.6% YoY in 2021

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

Newspaper Number:

Thursday - 28 July 2022

Trade exchange between Egypt and Somalia increased by 2.6% in 2021 to $67.5 million, compared to $65.8 million in 2020, according to a recent press release by the Central Agency for Public Mobilization and Statistics (CAPMAS).

The value of Egyptian exports to Somalia increased by 10.2% year-on-year (YoY) to $66.3 million last year from $60.1 million.

On the other hand, the value of Egypt’s imports from Somalia recorded $1.3 million in 2021, falling by 77.9% YoY from $5.7 million.

In FY 2020/2021, remittances of Egyptians living in Somalia dropped by 68.8% YoY to $397,000, versus $1.3 million.

Meanwhile, remittances of Somali people working in Egypt surged by 160.9% YoY to $120,000 in FY 2020/2021 from $46,000.