Egypt-Saudi trade up by 13.5% in 2022: CAPMAS

The figures were released a day after the short visit Egypt’s President Abdel Fattah El-Sisi paid to Saudi Arabia on Sunday, during which the president met with the Saudi Crown Prince and Prime Minister of Saudi Arabia Mohamed bin Salman.

Egypt's exports to the Saudi market rose by 11.2 percent in 2022 to reach $2.5 billion, up from $2.2 billion in 2021, while the value of Egyptian imports from Saudi Arabia amounted to $7.8 billion, up from $6.9 billion, recording an increase of 14.3 percent, CAPMAS reported.

Egypt's top exports to Saudi Arabia in 2022 included copper ($246 million), fruits ($227 million), mineral fuel and oils ($215 million), iron and steel products ($201 million), and machinery and electric appliances ($167 million).

Egyptian imports from Saudi Arabia primarily comprised mineral fuels and oils ($4.9 billion), plastics and its products ($1.8 billion), organic chemical products ($272 million), aluminium and its products ($175 million), and paper ($109 million).

CAPMAS said Saudi investments in Egypt in the fiscal year 2021/22 amounted to $491.6 million, up from $325.3 million in the previous fiscal year, an increase of 51.1 percent.

Remittances from Egyptians working in Saudi Arabia rose by 17 percent, reaching $11.2 billion in 2021/22, while the value of Saudi remittances from Egypt rose by 4.9 percent, reaching $18.5 million.