Supervisor Elham AbolFateh
Editor in Chief Mohamed Wadie

Egypt-China Trade Exchange Grows by 15% to USD 4.5 Billion

Sun 18 Jul 2021 | 07:14 PM
Taarek Refaat

The value of trade between Egypt and China grew by 14.8% during the first 4 months of 2021 to a record of USD 4.532 billion compared to USD 3.947 billion, year-on-year.

The foreign trade bulletin issued by the Central Agency for Public Mobilization and Statistics (CAPMAS) indicated that the value of trade between the two countries fell by about 2% during April to reach USD 854.086 million, compared to USD 871.467 million in April 2020.

China accounts for 11.9% of the total value of Egypt's foreign trade during the first 4 months of this year, with a trade deficit of about USD 3.616 billion in favor of the sleeping dragon.

A jump in Egyptian exports to China

The value of Egyptian exports to China jumped during the period from “January-April 2021” to reach USD 458.092 million compared to USD 293.985 million, year-on-year, with a growth of 55.8%.

Egypt's exports to the Chinese market witnessed a jump in April alone by 127.5% to reach USD 64.203 million, compared to USD 28.216 million in April 2020.

China accounts for 3.7% of the total Egyptian exports to the world, amounting to USD 12.214 billion, during the first 4 months of 2020.

11.5% growth in Egypt's imports from China by the end of April

The value of Egypt’s imports from China during the period from “January-April 2021” increased by 11.5% to record USD 4.074 billion, compared to USD 3.653 billion during the same period in 2020.

The value of Egyptian imports from China decreased in April by 6.3% to reach USD 789.883 million, compared to USD 843.251 billion in April 2020.

China came on top of the countries exporting to Egypt during the first 4 months of 2021, accounting for 15.8% of the value of Egyptian imports.

The rise in Egypt's imports of Chinese boilers, plastics and cars

Egypt's imports of boilers, machinery, mechanical devices and their parts from China increased during the period from "January-April 2021" to record USD 644.957 million, compared to USD 477.767 million, a growth of 35%.

The Egyptian imports of plastics and their products from China increased by 44%, reaching USD 192.191 million, compared to USD 133.488 million.

Egypt's imports of cars, tractors, bicycles and their parts from China grew by 33.5% during the first 4 months of 2021 to about USD 273.493 million, compared to USD 204.921 million during the same period last year.

The decline in Egypt's imports of Chinese electrical appliances and machinery

Egyptian imports of machinery, electrical appliances and their parts from China declined to about USD 1.054 billion dollars, compared to USD 1.092 billion, down by 3.4%.

Egypt's imports of synthetic or synthetic filaments from China amounted to about USD 256.732 million, compared to USD 258.909 million, down by 0.8%.

Today, a round of political talks was held under the chairmanship of Sameh Shoukry, Minister of Foreign Affairs, and Wang Yi, State Councillor and Minister of Foreign Affairs of China, emphasizing the two countries' commitment to the constants that unite them within the framework of the comprehensive strategic partnership and with the aim of coordination and consultation regarding the course of bilateral cooperation, and issues of common interest, especially with the successive international and regional developments.

The two ministers also stressed the importance of pushing economic cooperation and focusing efforts towards upgrading trade cooperation, working to open the Chinese market to more Egyptian agricultural exports, and encouraging direct and joint investments, especially in light of the efforts made by the Egyptian state to improve the investment environment.