CAPMAS: Egypt-Saudi Trade Exchange Records 32.7% Increase to $6.5 Billion

The Egyptian Central Agency for Public Mobilization and Statistics (CAPMAS) announced an increase in the value of trade exchange between Egypt and Saudi Arabia to record $6.5 billion during the first 8 months of 2024, compared to $4.9 billion, year-on-year, an increase of 32.7%.

According to a statement by the agency, this came within the framework of strengthening bilateral relations between Egypt and Saudi Arabia in all fields and signing a number of agreements between the two countries, and in light of President Abdel Fattah El-Sisi receiving Saudi Crown Prince Mohammed bin Salman, Tuesday.

The volume of Egyptian exports to Saudi Arabia increased to record $2.2 billion during the first 8 months of 2024, compared to $1.7 billion during the same period in 2023, an increase of 29.4%.

While the volume of Egyptian imports from Saudi Arabia amounted to $4.3 billion during the period from January to August, compared to $3.2 billion during the same period in 2023, an increase of 34.3%.

The most important commodity groups exported by Egypt to Saudi Arabia during the first 8 months of 2024 were:

1. Copper and its products worth $410 million.

2. Vegetables and fruits $270 million.

3. Electrical and mechanical machinery and devices and their parts worth $202 million.

4. Fuel, mineral oils and their distillation products worth $175 million.

5. Iron and its products worth $147 million.

The most important commodity groups imported by Egypt from Saudi Arabia during the first 8 months of 2024 were:

1. Fuel, mineral oils and their distillation products worth $2.8 billion.

2. Plastics and their products worth $854 million.

3. Organic chemical products worth $178 million.

4. Aluminum and its products worth $132 million.

5. Paper and pulp products worth $66 million.

Saudi investments in Egypt amounted to about $408.5 million during the first half of fiscal year 2023/24, compared to $2.1 billion during the same period of fiscal year 2022/23.

While Egyptian investments in Saudi Arabia amounted to $107.6 million during H1 of FY2023/2024, compared to $123.3 million during the same period of FY2022/23.

The value of remittances of Egyptians working in Saudi Arabia amounted to $8.3 billion during the fiscal year 2022/23, compared to $11 billion during the FY2021/22.

While the value of remittances of Saudis working in Egypt amounted to $26.1 million during the FY2022/23, compared to $17.1 million during the FY2021/22.