Egypt-India trade exchange soars 13.7% in 2022 to $6 bln: CAPMAS
The statement coincided with the arrival of Indian Prime Minister Narendra Modi to Cairo on Saturday, in his first-ever visit to Cairo and the first visit by an Indian PM to Egypt since 1997
Egyptian exports to India amounted to around $1.9 billion in 2022, compared to $2 billion in 2021, a decrease of 6.5 percent, the statement added.
On the other hand, Egyptian imports from India reached $4.1 billion in 2022, compared to $3.2 billion in 2021, an increase of 26.4 percent, according to the statement.
The most significant commodities exported by Egypt to India in 2022 were mineral fuels, mineral oils and their distillation products ($1.1 billion); fertilizers ($242.1 million); inorganic chemical products ($240.8 million); salt and sulfur ($91.5 million) and cotton ($76.8 million).
Meanwhile, Egypt’s top imports included meat ($669.2 million); iron and steel ($538.8 million); mineral fuels, mineral oils and their distillation products ($448.2 million); organic chemical products ($358.4 million) and boilers, machinery, mechanical appliances and tools ($274.4 million).
During his visit to India in January, President Abdel-Fattah El-Sisi and PM Modi announced they would double bilateral trade from its current level to $12 billion in the next five years.
The value of Indian investments in Egypt reached $33.1 million during the first half of the fiscal year 2022/2023, compared to $24.2 million during FY2021/2022, an increase of 36.8 percent.
In previous statements, the Indian embassy stated that there are currently around 50 Indian companies operating in Egypt that provide direct employment to approximately 38,000 Egyptians.
Remittances from Egyptians working in India reached $6 million during FY2021/2022, compared to $5.8 million during FY2020/2021, a 3.6 percent increase.
On the other hand, the value of remittances from Indians working in Egypt amounted to $16.3 million during FY2021/2022, compared to $14.3 million during FY2020/2021, a 13.8 percent increase.
According to the Indian embassy in Cairo, about 3,600 live in Egypt.