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Egypt-UAE bilateral trade value hits $4.9bn in 2022

Egypt-UAE bilateral trade value hits $4.9bn in 2022
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Cairo – Mubasher: The trade exchange value between Egypt and the UAE rose by 2.50% to $4.90 billion in 2022 from $4.80 billion in 2021, according to the Central Agency for Public Mobilization and Statistics (CAPMAS).

Egypt exported goods valued at $1.90 billion to the UAE  as of 31 December 2022, up 10.60% year-on-year (YoY) from $1.80 billion.

The most important Egyptian goods were precious stones and jewelry with a value of $840.50 million, followed by electrical appliances with $242.20 million and clothing with $183.60 million.

The Arab Republic's imports from the UAE amounted to $2.90 billion last year, down 2.30% from $3 billion in 2021.

The key imported commodity groups were fuel and mineral oils with $810.20 million, plastics with $582.70 million, and precious stones with $254.80 million.

During fiscal year (FY) 2021/2022, the Emirati investments in Egypt stood at $5.70 billion, higher by $4.30 billion (300.80%) than $1.40 billion in FY20/21.

Remittances of Egyptians working in the Gulf nation reached $3.50 billion in FY21/22, an annual growth of 1.40% from $3.40 billion.

Meanwhile, the remittances of Emirati citizens working in Egypt dropped by 8.40% to $35.80 million during FY21/22 from $39.10 million in the previous FY.