The trade exchange between Egypt and Somalia reached $127.7 million in 2024, a substantial increase from $58.2 million in 2023, according to a Central Agency for Public Mobilisation and Statistics (CAPMAS) report released on Thursday.
Egyptian exports to Somalia surged to $122.9 million in 2024, up from $55.8 million in 2023, while imports from Somalia rose to $4.8 million, compared to $2.4 million the previous year, the report added.
Key Egyptian exports included milling products ($60 million), sugar products ($29 million), tobacco ($6 million), pharmaceutical products ($6 million), and prepared vegetables and fruits ($3 million).
Egyptian remittances from Somalia rose to $884,000 in the 2023/2024 fiscal year, up from $299,000 in the previous year. Conversely, Somali remittances from Egypt dropped to $3,000 in 2023/2024, down from $14,000 in 2022/2023.
Attribution: Amwal Al Ghad English
Subediting: M. S. Salama