Riyadh: Egyptian Exports to Arab Countries Surge to $13.6 Billion in 2023
In a recent report, it was revealed that the value of Egyptian exports to Arab countries increased by 8.7 percent in 2023, reaching a total of $13.6 billion. This growth reflects the strengthening trade relations between Egypt and its Arab neighbors.
Saudi Arabia Leads as Top Importer of Egyptian Goods
Saudi Arabia emerged as the top Arab country importing goods from Egypt, with a total value of $2.7 billion in 2023. This highlights the significant growth in trade partnerships and investments between the two nations in recent years.
Top Commodity Groups Exported to Arab Countries
Vegetables and fruits, machinery and electrical appliances, pearls, precious stones, and jewelry were among the top commodity groups exported by Egypt to Arab countries in 2023. These exports amounted to billions of dollars, showcasing the diverse range of products Egypt has to offer.
Egyptian Imports from Arab Countries Reach $12.4 Billion
On the imports side, Egypt imported goods worth $12.4 billion from Arab countries in 2023. Saudi Arabia once again topped the list as the largest exporter to Egypt, followed by Kuwait, the UAE, Oman, and Bahrain.
Major Commodity Groups Imported by Egypt
Fuel, mineral oils, distillation products, plastics goods, recycled raw materials, aluminum products, and seafood were among the major commodity groups imported by Egypt from Arab countries in 2023. These imports play a crucial role in meeting the country’s domestic demands.
Trade Exchange Between Egypt and Arab Countries Declines
Despite the increase in exports and imports, the overall volume of trade exchange between Egypt and Arab countries dropped by 11.8 percent in 2023, totaling $26 billion. This data underscores the challenges and fluctuations in the global market.
S&P Global Upgrades Egypt’s Outlook to Positive
In a positive development, American capital market firm S&P Global upgraded Egypt’s outlook to positive from stable, affirming the country’s debt rating at “B-/B.” This upgrade reflects Egypt’s capacity to meet financial obligations amidst ongoing uncertainties.