Egypt-Saudi Arabia Trade Exchange Increases To $7.5Bn In 9M 2024: CAPMAS

2024-11-11 02:42:01

(MENAFN- Daily News Egypt) The Central Agency for Public Mobilization and Statistics (CAPMAS) has announced an increase in the trade exchange between Egypt and Saudi Arabia to $7.5bn in the first nine months of 2024, compared to $5.6bn in the same period of 2023, a growth of 33.9%.

It issued a statement on Monday on the economic relations between Egypt and Saudi Arabia, on the occasion of President Abdel Fattah Al-Sisi's participation in the Extraordinary Arab-Islamic Summit held in Riyadh. The Agency seeks to follow up on the president's official activities and visits.

According to the agency, the volume of Egyptian exports to Saudi Arabia increased to $2.4bn in the first nine months of 2024, compared to $1.9bn in the same period in 2023, an increase of 26.3%. The volume of Egyptian imports from Saudi Arabia amounted to $5.1bn, compared to $3.7bn, an increase of 37.8%.

He explained that the top commodity groups exported by Egypt to Saudi Arabia during that period included copper and its products worth $459m, vegetables and fruits worth $293m, ready-made clothes worth $128m, electrical appliances worth $215m, and iron and its products worth $167m.

The top commodity groups imported by Egypt from Saudi Arabia during the same period included fuel, mineral oils and their distillation products worth $3.4bn, plastics and their products worth $984m, organic chemical products worth $208m, aluminium and its products worth $158m, paper and paper pulp products worth $81m.

According to the agency, Saudi investments in Egypt amounted to $511.3m during the first nine months of fiscal year 2023/2024, compared to $2.3bn during the same period in 2022/2023. Egyptian investments in Saudi Arabia amounted to $147.1m, compared to $190.1m.

It pointed out that the value of remittances of Egyptians working in Saudi Arabia amounted to $8.3bn in fiscal year 2022/2023, compared to $11bn during 2021/2022. The remittances of Saudis working in Egypt amounted to $26.1m, compared to $17.1m. The number of Egyptians in Saudi Arabia, according to the mission's estimates amounted to 1.1 million in 2023.

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