Africa Economy Egypt Export Finance Import Trade

Egypt records US$69.96B in foreign trade in FY 2019/20

Egypt recorded a US$69.965B in foreign trade during the first nine months of the fiscal year (FY) 2019/20, according to the Central Bank of Egypt (CBE).

According to the bank’s report, during the period from July 2019 to March 2020, Egypt’s imports amounted to about US$49.012B while the volume of its exports reached about US$20.953B.

Egypt’s volume of trade exchange with its most important trading partners amounted to about US$44.296B. Of this amount, about US$31.575B came from imports while about US$12.720B came from exports. A total of 14 countries account for 63.3 per cent of Egypt’s total volume of trade exchange.

According to the central bank, United Arab Emirates ranked as Egypt’s most important trading partner, accounting for a trade exchange volume of about US$5.745B with imports valued at US$3.157B and exports at US$225.1M.

China took second place with a trade exchange volume of US$5.108B with imports valued at US$4.825B and exports at US$302.8M.

The US claimed the third spot with a trade exchange of US$4.494B with imports at US$2.549B and exports at US$1.944B. Germany followed with a trade exchange volume of about US$3.115B of which US$2.389B were imports and US$726.3M were exports.

Also read: Egypt’s BOP declined by 8.6% in June 2020

The volume of trade exchange with Italy amounted to US$2.827B with imports of US$1.597B and US$1.229B as exports.

Russia claimed the eighth position with a trading volume of US$2.647B of which US$2.506B were imports and US$140.8M were exported. Switzerland followed with a volume of trade exchange of about US$2.452B of which US$1.651B were imports, and US$800.8M were exports.

Turkey recorded about US$2.425B out of which US$1.687B were imports and US$737.6M were exports.

India ranked eleventh with a trading volume of US$2.409B of which US$1.379B were imports and US$1.03B were exports followed by France with a trading volume of US$1.956B, of which US$1.476B were imports and US$479.6M were export.

Kuwait had a trading volume of US$1.761B of which US$1.673B were imports and US$88.1M were exports. The volume of trade exchange between Egypt and Spain reached US$1.423B of which US$919.1M were imports and US$504.4M were exports.

Original article on The Exchange

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