GCC, Egypt Trade Value Declines by 7.3% in 2020

The value of trade between Egypt and the Gulf Cooperation Council (GCC) countries decreased by 7.3%, to record about 10.698 billion dollars during the first 10 months of 2020 compared to $11.536 billion during the same period of 2019.

The foreign trade report issued by the Central Agency for Public Mobilization and Statistics indicated that the GCC countries acquired 13.4% of Egypt's total trade during that period, and the trade balance is in their favor with a value of $2 billion.

The value of trade exchange between Egypt and the GCC countries decreased by 9.3% during October 2020, to reach $1.13 billion, compared to $1.246 billion during the same month of 2019.

The value of Egyptian exports to the GCC countries increased during the period from January to October 2020 to record about $4.366 billion, a growth of 24.6% over their value during the same period of 2019, which amounted to $ 3.504 billion.

The value of Egyptian imports from the GCC countries decreased by 21.1% during that period, to record about $6.332 billion, compared to $8.031 billion during the same period in 2019.

Moreover, Saudi Arabia acquired 41% of the value of trade exchange with the countries of the GCC during the first 10 months of 2020, at about $4.381 billion, despite a 23.1% decline from its value during the same period in 2019, which amounted to $5.698 billion.

On the other hand, the value of Egypt's imports from Saudi Arabia decreased by 29.4% to reach about $3.012 billion against $4.267 billion, as well as Egypt's exports to Saudi Arabia by 4.3% to $1.369 billion against $1.43 billion.

The value of trade between Egypt and the UAE increased during the period from January to October 2020 by 22.2% to reach $3.768 billion compared to $3.082 billion during the same period of 2019.

The value of Egypt's exports to the country increased by 57.9% to $2.578 billion compared to $1.633 billion, while the value of Egyptian imports from the UAE decreased by 17.9% to $1.19 billion compared to $1.449 billion.

Furthermore, the value of trade between Egypt and Qatar witnessed a growth of 3.7% during the first 10 months of 2020, to record about $20.142 million, compared to $19.423 million during the same period of 2019.

Because of the increase in the value of Egyptian exports to Doha by 283% to reach $655,000 against $171,000 dollars, as well as the Egyptian imports from Qatar by 1.2% to reach $19.487 million against $19.252 million.

The value of trade exchange between Egypt and Kuwait decreased during the period from “January to October 2020” by 11.8% to reach about $1.79 billion compared to $2.029 billion during the same period of 2019.

This comes after the decline of the value of Egyptian imports from the country to $ 1.595 billion compared to $1.797 billion, down 11.2%, and Egyptian exports to Kuwait by 16.1% to $194.614 million, compared to $232.088 million.