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Egypt-UAE trade exchange up 6.5% in 11 months

Egypt-UAE trade exchange up 6.5% in 11 months
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Cairo – Mubasher: The value of the bilateral trade between Egypt and the UAE hit $4.60 billion during the first 11 months (11M) of 2022, higher by 6.50% than $4.30 billion in 11M-21.

The UAE received Egyptian goods amounting to $1.80 billion in January-November 2022, an annual growth of 14.40% from $1.40 billion, according to the Central Agency for Public Mobilization and Statistics (CAPMAS).

Meanwhile, the Arab Republic's imports from the Gulf nation rose by 1.90% year-on-year (YoY) to $2.80 billion in 11M-22 from $2.70 billion.

During fiscal year (FY) 2021/2022, Emirati investments in Egypt reached $5.70 billion, a 300.80% YoY hike from $1.40 billion.

Remittances of Egyptians working in the UAE stood at $3.50 billion in FY20/21, up 1.40% from $3.40 billion in FY19/20. Meanwhile, the remittances of Emirati citizens working in Egypt retreated by 4.60% to $39.10 million from $41 million.

In the first quarter (Q1) of 2022, the trade exchange value between the two Arab countries went up by 1.40% to $1.20 billion, compared to $1.10 billion in the January-March 2021 period.