The volume of trade exchange between Egypt and Oman hit 1.1 billion dollars in 2022, compared to 650.8 million dollars in 2021, with an increase of 64.6 percent, according to the Egyptian Central Agency for Public Mobilization and Statistics (CAPMAS).
In a statement issued Saturday 20/05/2023, the CAPMAS said that Egypt's exports to Oman rose by 23.7 percent to reach 202.1 million dollars in 2022, compared to 163.3 million dollars in 2021.
Egypt's imports from Oman rose by 78.3 percent to reach 869.3 million dollars in 2022, up from 487.5 million dollars in 2021, the statement read.
Metal materials and plastics were first in the list of Egypt’s imports from Oman in 2022 at values of 665.1 million dollars and 56.7 million dollars respectively, CAPMAS said.
Remittances of Egyptians working in Oman amounted to some 162 million dollars during the fiscal year 2020-2021, compared with 160.4 million dollars in FY 2019-2020, the report added.
Another factor contributing to the growth of trade between Egypt and Oman is the increasing use of free trade zones. In 2019, Oman's Special Economic Zone Authority signed an agreement with Egypt's General Authority for Investment and Free Zones to facilitate trade and investment between the two countries.
Despite the growth in trade volume, there is still significant potential for further cooperation between Egypt and Oman. The two countries have complementary economies, and there are opportunities for increased trade in sectors such as tourism, logistics, and renewable energy.
In conclusion, the trade exchange volume between Egypt and Oman has been on the rise in recent years, and this trend is expected to continue. The establishment of the Oman-Egypt Joint Investment Fund, the signing of agreements promoting trade and investment, and the increasing use of free trade zones are all factors contributing to this growth. With further cooperation and investment, the potential for increased trade between Egypt and Oman is significant.
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