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Saudi Arabia, Egypt boost trade exchange to $9.1 billion last year

Saudi Arabia Egypt

Riyadh, (Business News Report)|| Saudi Arabia and Egypt boosted trade exchange between them during the past year 2021 to reach $9.1 billion, according to data from the Central Agency for Public Mobilization and Statistics.

The Central Agency said that the rate of trade exchange during the past year increased by 62.1%, compared to the previous year 2020.

The value of trade exchange between the two countries in 2020, amounted to $5.6 billion.

According to the data, the value of Egyptian exports to Saudi Arabia amounted to $2.2 billion in 2021, compared to $1.9 billion in 2020, an increase of 17.3 percent.

The value of Egyptian imports from Saudi Arabia amounted to $6.9 billion last year, compared to $3.7 billion in 2020, an increase of 84.5%.

The most important commodity groups exported by Egypt to Saudi Arabia during 2021 included mineral fuels, mineral oils and their distillation products worth $449 million, in addition to fruits worth $184.2 million.

They also included iron and steel worth $151.4 million, as well as copper and its products worth $135.2 million, in addition to machinery, appliances and electrical equipment worth $124.2 million.

As for the most important commodity groups that Egypt imported from Saudi Arabia during 2021, they were as follows: mineral fuels, mineral oils and their distillation products, with a value of $4.6 billion, and plastics and their products with a value of $1.3 billion, in addition to organic chemical products worth $246.1 million, and aluminum and its products with a value of $128.4 million. In addition to paper and paperboard worth $90.4 million.

The value of remittances from Egyptians working in Saudi Arabia recorded $11.2 billion during the 2020-2021 fiscal year, compared to $9.6 billion in the 2019-20 fiscal year, an increase of 17%.

Meanwhile the remittances of Saudis working in Egypt amounted to $18.5 million during the fiscal year 2020-2021, compared to $17.6 million during the fiscal year 2019-2020, an increase of 4.9%.

The value of Saudi investments in Egypt amounted to $622 million during the fiscal year 2020-2021, compared to $651.2 million during the fiscal year 2019-2020, a decrease of 4.5%.

The number of Egyptians in Saudi Arabia, according to the mission’s estimates, reached 3 million Egyptians until the end of 2020.

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