Egypt-China Trade Exchange Drops to $13.9 Billion in 2023
In a recent report, it was revealed that trade exchange between Egypt and China fell to $13.9 billion in 2023, a decrease from the previous year’s $16.6 billion. The official data, provided by Egypt’s Central Agency for Public Mobilization and Statistics, highlighted the changes in export and import values between the two countries.
Export and Import Trends
Egypt’s exports to China saw a significant decline in 2023, with a total value of $909 million compared to $1.9 billion in 2022. On the other hand, Egyptian imports from China also decreased to $12.9 billion in 2023 from $14.8 billion in 2022.
Among the notable export commodities to China in 2023 were fuels, mineral oils, and their distillation products, stone and cement products, fruits, machinery and electrical appliances, and copper and its products. On the import side, machinery and electrical appliances, iron and steel, synthetic textile fibers, organic chemical products, and plastics and their products were the leading commodities imported from China.
Investments and Remittances
Chinese investments in Egypt witnessed a significant increase to $956.7 million during 2022-2023, up from $563.4 million in the previous fiscal year. Conversely, Egyptian investments in China also rose to $208.4 million during the fiscal year 2022-2023.
Remittances from Egyptians working in China rose to $19.5 million in the fiscal year 2022-2023, while remittances from Chinese workers in Egypt slightly decreased to $3.5 million during the same period.
Foreign Trade Data for March 2024
CAPMAS released Egypt’s foreign trade data for March 2024, showing a trade balance deficit of $2.37 billion, a decrease from $3.09 billion in the same month of the previous year. The report highlighted a 23.2 percent decrease in the trade balance deficit.
The value of exports decreased by 10.9 percent in March 2024, with declines in the export values of certain goods such as plastics, fertilizers, iron products, and crude oil. However, some goods saw an increase in export value, including petroleum products, fresh fruits, ready-made garments, and various food preparations.
Additionally, the value of imports decreased by 16.2 percent in March 2024 compared to the same month of the previous year, amounting to $5.94 billion.