Trade between Egypt, China falls to USD13.9B last year
Date
5/30/2024 8:47:10 AM
(MENAFN) In 2023, the trade exchange between Egypt and China experienced a decline, falling to USD13.9 billion from USD16.6 billion the preceding year, according to official data released by Egypt’s Central Agency for Public Mobilization and Statistics.
Egypt's exports to China saw a significant decrease in value, dropping to USD909 million in 2023 from USD1.9 billion in 2022. Meanwhile, Egyptian imports from China also experienced a decline, amounting to USD12.9 billion in 2023 compared to USD14.8 billion in 2022.
Key commodity groups exported to China in 2023 included fuels, mineral oils, and their distillation products valued at USD414 million, followed by stone and cement products worth USD116 million, fruits worth USD78 million, machinery and electrical appliances valued at USD31 million, and copper and its products worth USD27 million.
On the import side, notable commodities imported from China included machinery and electrical appliances worth USD4.3 billion, iron and steel valued at USD1.2 billion, synthetic textile fibers worth USD1.1 billion, organic chemical products worth USD790 million, and plastics and their products valued at USD773 million.
Despite the decline in trade volume, Chinese investments in Egypt witnessed a significant increase, reaching USD956.7 million during the period of 2022-2023, compared to USD563.4 million in the fiscal year 2021-2022. Conversely, Egyptian investments in China rose to USD208.4 million in the fiscal year 2022-2023, up from USD126.5 million the previous year.
Furthermore, remittances from Egyptians working in China saw a notable increase, amounting to USD19.5 million during the fiscal year 2022-2023, compared to USD13.2 million in the previous year. In contrast, remittances from Chinese workers in Egypt experienced a slight decrease, totaling USD3.5 million during the fiscal year 2022-2023, down from USD4.1 million a year earlier.
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