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Egypt-UAE bilateral trade rises to $1.2bn in Q1-22

Egypt-UAE bilateral trade rises to $1.2bn in Q1-22
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Cairo – Mubasher: The trade exchange value between Egypt and the UAE increased by 1.40% year-on-year (YoY) to $1.20 billion during the first quarter (Q1) of 2022, compared to $1.10 billion.

Egypt exported goods worth $576.70 million to the Emirati market in Q1-22, an annual hike of 69.50% from $340.20 million, according to the Central Agency for Public Mobilization and Statistics’ (CAPMAS) data.

The Arab republic’s imports from the UAE fell by 19% YoY to $642.90 million in Q1-22 from $793.30 million.

During the first half (H1) of fiscal year (FY) 2021/2022, the UAE invested a total of $1.90 billion in Egypt, a leap of 169.10% from $712.60 million in the year-ago period.

CAPMAS’ data showed that in FY20/21, the remittances of Egyptians working in the UAE amounted to $3.50 billion, up 1.40% from $3.40 billion in FY19/20.

Meanwhile, the remittances of Emirati citizens working in the Arab Republic declined by 4.60% YoY to $39.10 million in FY20/21 from $41 million.