Egypt, Somalia trade exchange hit $59m in H1 ’24

Trade exchange between Egypt and Somalia has witnessed significant growth in the first half of 2024, reaching a value of $59 million, an 88 per cent increase compared to the same period in 2023.

According to the Egyptian CAPMAS’s report on Wednesday, Egyptian exports to Somalia surged to $57 million, primarily driven by products such as starch products and cereals ($29 million), sugar and confectionery ($10 million), pharmaceutical products ($3 million), and tobacco and cement both ($2 million). Conversely, Egypt’s imports from Somalia, mainly consisting of live animals ($1.8 million), gums and plant extracts ($280,000), and oil seeds and fruits ($16,000).

The report also highlighted financial exchanges, noting that remittances from Egyptians working in Somalia totalled $299,000 during the fiscal year 2022/2023, down from $328,000 in the previous year.

The report also details that Somali workers in Egypt sent $14,000 in remittances during the same period, compared to $27,000 the year before. Additionally, Somali investments in Egypt declined to $8,000 in the fiscal year 2022/2023, down from $154,000 in 2021/2022.

Attribution: CAPMAS data on Wednesday

Subediting: Y.Yasser