Egypt's trade relations with Saudi Arabia saw impressive growth in the first half of 2024, as merchandise exports surged by 13 percent, totaling $1.587 billion. This remarkable increase marks the highest export level between the two nations in the past five years, significantly outpacing the $734 million trade volume recorded in 2020.
This positive development underscores the strength of Egypt's export sector, which has successfully expanded its footprint in Saudi Arabia. Key export items included medicines, carpets, vegetables, citrus fruits, copper, and wires, highlighting the diverse range of products that Egypt is bringing to the Saudi market.
Despite the surge in exports, the overall merchandise trade volume between Egypt and Saudi Arabia saw a slight decrease of 8.5 percent, totaling $2.6 billion in the first half of the year. This decline was largely driven by a 28.8 percent drop in imports, which amounted to $1.056 billion. Key imports from Saudi Arabia included mineral oils, aluminum sheets, cardboard boxes, boards, films, foil, strips, and metal coloring materials.
In a broader context, Egypt's Central Agency for Public Mobilization and Statistics (CAPMAS) reported a 10.3 percent reduction in the country's trade deficit in May, bringing it down to $3.5 billion from $3.9 billion in the same month in 2023. May also saw a slight increase in exports, rising by 0.4 percent to $3.81 billion, compared to $3.79 billion during the same period last year.
These developments reflect Egypt's ongoing efforts to strengthen its trade partnerships and boost economic growth through increased exports.
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