Mubasher TV
Contact Us Advertising   العربية

Egypt-Saudi Arabia bilateral trade leaps 62% in 2021

Egypt-Saudi Arabia bilateral trade leaps 62% in 2021
Photo Archive

Cairo – Mubasher: The trade exchange value between Egypt and Saudi Arabia increased by 62.10% to $9.10 billion in 2021 from $5.60 billion in 2020, Ahram Gate cited the Central Agency for Public Mobilization and Statistics (CAPMAS).

Egypt's exports to the Saudi market amounted to $2.20 billion in 2021, a 17.30 year-on-year (YoY) growth from $1.90 billion.

In addition, the state’s imports from the Kingdom totalled $6.90 billion in 2021, an annual hike of 84.50% from $3.70 billion.

The remittances of Egyptians working in the Kingdom reached $11.20 billion in fiscal year (FY) 2020/2021, an increase of 17% from $9.60 billion in FY19/20.

Meanwhile, the remittances of Saudi citizens working in Egypt went up by 4.90% YoY to $18.50 million in FY20/21 from $17.60 million. 

Furthermore, the value of Saudi investments in Egypt stood at $622 million during FY20/21, an annual slide of 4.50% from $651.20 million.

According to the Federation of Saudi Chambers, over 6,800 Saudi companies invested more than $32 billion in Egypt, while the Egyptian investments in the Kingdom reached $5 billion through 802 firms.