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Egypt and Saudi Arabia record significant increase in trade

May 17, 2023 at 12:54 pm

An Egyptian cattle trader counts his money at the Ashmun market [MOHAMED EL-SHAHED/AFP via Getty Images]

Egypt’s Minister of Trade and Industry, Ahmad Samir, has said that trade with Saudi Arabia increased by 24 per cent in 2022, reaching $5.67 billion, Al-Araby Al-Jadeed reported on Tuesday. He added that Egyptian exports to the Saudi market amounted to $2.68 billion compared with approximately $2 billion in 2021, an increase of 34 per cent.

The minister provided the details in online meetings with the heads of the Egyptian Commercial Service in Saudi Arabia, Germany, Spain, France and Greece. Trade with all of these countries grew last year, with some significant increases being recorded. Trade levels between Egypt and Greece, said Samir, are “unprecedented”.

He also noted details of trade and joint investments between Egypt and Britain during the past year. Egyptian exports to the UK also saw unprecedented growth during 2022, with an increase of 83 per cent, amounting to £1.686 billion ($2.1 billion), compared with £921 million ($1.1 billion)  in 2021. Moreover, for the first time, Egypt had a trade surplus with Britain of £57 million ($71 million) last year, compared with a chronic deficit in previous years, ending with a deficit of £448 million ($558 million) in 2021.

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