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China-Egypt trade rises 24% in seven months

Trade exchange between Egypt and China surged up to 24 percent in the first seven months of 2018 compared to the same period in 2017, according to Chinese customs data reported by MENA on Sunday.

The trade volume between the two countries reached $7.5 billion, while China’s exports to Egypt were estimated at $6.5 billion, a 22.6 percent increase year-on-year. Egypt’s export s to the Asian giant jumped 34.1 percent to $1 billion.

On a monthly basis, the trade exchange stood at $1.298 billion in July, according to the data.

The Egyptian-Chinese trade exchange volume surged from $3.19 billion in 2006 to $11 billion in 2017, according to official data.

China occupied the 21st place in Egyptian foreign country investment with $600 million in 1,320 projects across the country, the Egyptian Ministry of Trade said in 2017.

China also came in ninth place among tourism exporters to Egypt.

On Saturday, minister counsellor for economic affairs at the Chinese embassy in Cairo said that trade exchange between China and African states increased 14 percent year-on-year in 2017, registering $170 billion.

In statements to MENA, Han revealed that Chinese investments in Africa recorded $3.1 billion in 2017.

China sees major opportunities for the expansion of economic cooperation with African countries in fields such as agriculture, investment, energy and natural resources, Han said.

Earlier this month, the Egyptian Cabinet held a meeting to discuss preparations for President Abdel Fattah al-Sisi’s next visit to China, which is scheduled for September.

The meeting reviewed a number of agreements that are set to be inked between the two countries during the visit, especially in the fields of transportation, industry, electricity, education, and housing.

The ministers reviewed a number of projects between Egypt and China, including the electric monorail project to link the country’s industrial zones with new cities and the establishing of a coal-fuelled power plant in El-Hamrawein region in the Red Sea governorate.

They also discussed financial terms for the second of phase of Egypt’s New Administrative Capital’s central business area.

President Sisi’s last visit to China was in September 2017, where he held talks with President Xi Jinping on the sidelines of the BRICS summit.

Source: MENA & Ahram Online

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