The value of trade between Egypt and Libya witnessed a remarkable growth during the first quarter of 2021, to record $245.017 million, compared to $171.118 million year-on-year, with an increase of 43.2%.
The foreign trade bulletin issued by the Central Agency for Public Mobilization and Statistics (CAPMAS) stated that the trade balance between the two countries is in Egypt's favor by about $187.497 million during the first 3 months of this year.
The value of trade exchange between Egypt and Libya jumped during the month of March by 172.6% to reach $105.443 million, compared to $38.68 million YoY.
32% growth in Egypt's exports to the Libyan market
The value of Egyptian exports to the Libyan market increased during Q1 of 2021 to record $216,257 million, compared to $164.186 million during the same quarter of last year, a growth of 31.7%.
Egypt's exports to Libya achieved a remarkable growth in March by 54.7%, reaching $92.713 million, compared to $34.592 million in March 2018.
A jump in Egyptian imports from Libya
The value of Egypt's imports from Libya also grew significantly during the first three months of this year to record $28.76 million, compared to $6.932 million during the same period in 2020, an increase of 314.9%.
Egyptian imports from Libya increased by 211.4% last March, reaching $12.73 million, compared to $4,088 million in March 2020.
According to the report of the Export Council for Building Materials, the sector’s exports to the Libyan market increased by 76% during the first 4 months of 2021 to reach $76 million, compared to $43 million YoY.
The report pointed out that Egypt's exports of marble and granite to Libya increased by 739% to $22.251 million, and iron and steel by 254% to $4.963 million.
Moreover, Egypt's exports of cement rose by 93% to record $21.938 million, from glass and its products by 95% to $3.582 million, and from sanitary ware by 48% to $2.792 million during the first 4 months of the year.
Egypt’s exports of insulating materials to Libya amounted to about $1 million with a growth of 47%. Aluminum exports also grew by 26% to $12.009 million, while quarry materials and minerals exports grew by 180% to about $379,000.
Ceramics exports dropped by 47% to about $5.842 million, while Bridges and tanks dropped by 84% to $323,000, in addition to about $25,000 of pipes exports.
The governments of Egypt and Libya signed 11 joint cooperation documents between the two countries in 7 sectors, on the sidelines of the official visit of PM Mostafa Madbouly last April to the Libyan capital, Tripoli at the head of a delegation that included a number of ministers and businessmen.
The number of companies with Libyan contributions in Egypt accounts to 1165 companies, concentrated in the agricultural, financial, real estate and tourism sectors, in addition to the services sector.
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