Egypt's merchandise exports to Saudi Arabia hit $1.587B during H1 of 2024
During the first half of 2024, Egypt experienced a notable 13 percent surge in merchandise exports to Saudi Arabia, totaling $1.587 billion, according to a government report released by Asharq Bloomberg. This increase represents the highest export levels between the two nations in the past five years, surpassing the $734 million trade volume in 2020.
However, the overall merchandise trade volume between Egypt and Saudi Arabia decreased by approximately 8.5 percent during the first half of this year, amounting to $2.6 billion. This decline was primarily attributed to a significant drop in imports, down by 28.8 percent to $1.056 billion, as stated in the report.
Notably, Egyptian exports to Saudi Arabia mainly consisted of medicines, carpets, vegetables, citrus fruits, copper, and wires, while key imports from Saudi Arabia included mineral oils, aluminum sheets, cardboard boxes, boards, films, foil, strips, and metal coloring materials.
In a related development, the Central Agency for Public Mobilization and Statistics (CAPMAS) recently disclosed a 10.3 percent decrease in Egypt's trade deficit in May, which fell to $3.5 billion from $3.9 billion in the same period in 2023. May also saw a modest 0.4 percent increase in exports, reaching $3.81 billion, compared to $3.79 billion in the corresponding period of the previous year.