Egypt, Somalia trade exchange rise by 88% in first half of 2024

Data from the Central Agency for Public Mobilization and Statistics (CAPMAS) showed, on Wednesday, an increase in the value of trade exchange between Egypt and Somalia, reaching $59 million during the first half of 2024, compared to $31 million during the same period in 2023, an increase of 88 percent.

 

The volume of Egyptian exports to Somalia recorded $57 million during the first half of 2024, compared to $31 million during the same period in 2023, an increase of 83 percent, while the volume of Egyptian imports from Somalia amounted to $2 million during the first half of 2024, compared to $300,000 during the same period in 2023.

 

The most important commodity groups exported by Egypt to Somalia during the first half of 2024 were:

 

1. Starch and grain products worth $29 million.

2. Sugar and sugar products worth $10 million.

3. Pharmaceutical products worth $3 million.

4. Tobacco worth $2 million.

5. Salt, stones and cement worth $2 million.

 

The most important commodity groups imported by Egypt from Somalia during 2023 were:

 

1. Live animals worth $1.8 million.

2. Gum and plant extracts worth $280 thousand.

3. Grains and oil fruits worth $16 thousand.

 

The value of remittances of Egyptians working in Somalia amounted to $299 thousand during the fiscal year 2022/2023 compared to $328 thousand during the fiscal year 2021/2022, while the value of remittances of Somalis working in Egypt amounted to $14 thousand during the fiscal year 2022/2023 compared to $27 thousand during the fiscal year 2021/2022.

 

The value of Somali investments in Egypt recorded $8 thousand during the fiscal year 2022/2023 compared to $154 thousand during the fiscal year 2021/2022.

 

Egypt's population was recorded at 106.7 million in August 2024, while Somalia's population was recorded at 18.8 million for the same period.