Egypt’s exports to Saudi Arabia surge 29.4% in first 8 months of 2024
Egypt’s exports to Saudi Arabia reported a 29.4 per cent year-on-year rise to $2.2 billion in the first eight months of 2024, from $1.7 billion in 2023, CAPMAS data showed on Tuesday.
Meanwhile, Egyptian imports from Saudi Arabia also saw a significant increase of 34.3 per cent year-on-year, rising from $3.2 billion in the first eight months of 2023 to $4.3 billion in the same period of 2024.
Bilateral trade between Egypt and Saudi Arabia has also seen a substantial rise of 32.7 per cent reaching $6.5 billion in the first eight months of 2024 compared to $4.9 billion in the same period last year.
Egypt’s key exports to Saudi Arabia
- Copper and its products of $410 million
- Vegetables and fruits of $270 million.
- Electrical and mechanical appliance of $202 million.
- Fuels and mineral oils of $175 million.
- Iron and its products of $147 million.
Egypt’s key imports from Saudi Arabia:
- Fuels and mineral oils of $2.8 billion.
- Plastics of $854 million.
- Organic chemical products of $178 million.
- Aluminum of $132 million.
- Paper and paper products of $66 million.
Investment and Remittances
Saudi investments in Egypt reached $408.5 million in the first half of the fiscal year 2023/2024. Meanwhile, Egyptian investments in Saudi Arabia totaled $107.6 million during the same period.
Remittances from Egyptians working in Saudi Arabia amounted to $8.3 billion in the 2022/2023, compared to $11 billion in the 2021/2022.
Remittances from Saudis working in Egypt reached $26.1 million in the 2022/2023, compared to $17.1 million in the 2021/2022.
Attribution: CAPMAS statement
