Saudi Arabia ranks second among Egypt’s trading partners in Q1 2024

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The Central Bank of Egypt (CBE) said that the Kingdom of Saudi Arabia ranked second among Egypt’s top trading partners until the end of the first quarter (Q1) of 2024, with trading worth $5.209bn, including $3.871bn imports and$1.338bn exports.

The Central Bank revealed, in a recent report, that Egypt’s foreign trade reached $77.039bn, including about $52.920bn in imports and $24.119bn in exports, from July 2023 to March 2024.

The volume of trade exchange between Egypt and its top 14 trading partners, which accounts for 63.6% of Egypt’s foreign trade, amounted to $48.990bn, of which about $32.983bn were imports and about $16.006bnexports, according to CBE.

The UAE was Egypt’s top trading partner in the period, with a trade exchange volume of $6.998bn, of which $4.310bn were imports and $2.687bn were exports, followed by Saudi Arabia. The United States of America came in third place with $5.091bn trade, of which $2.705bnwere imports and $2.386bn were exports, followed by China in fourth place with a volume of $5.077bn, of which $4.658bn were imports and $418.6m were exports.

According to CBE, Germany came fifth with a trade volume of $3.819bn, including $2.723bn in imports and $1.096bn in exports. The trade volume with the UK amounted to $3.697bn, including $1.906bn imports and $1.791bn exports, followed by Italy with a volume of $3.545bn, including $1.835bn imports and $1.709bn exports.

Turkey ranked eighth with a trade volume of $3.241bn, including $1.873bn imports and $1.367bn exports, while the trade volume between Egypt and Switzerland amounted to $3.015bn, including $1.761bnimports and $1.254bn exports. Russia-Egypt trade exchange reached $1.967bn, including $1.792bn in imports and $174.6m in exports.

Brazil ranked 11th among Egypt’s trading partners during the first nine months of FY 2023/24, as the volume of trade exchange with it amounted to $1.933bn, including $1.822bn imports and $111.5m exports, followed by India with a volume of $1.901bn, including $1.464bn imports and $436.9m exports. France followed with a volume of $1.810bn, including $1.164bn imports and $646m exports. The volume of trade exchange between Egypt and the Netherlands amounted to $1.681bn, including $1.091bn in imports and $589.5m in exports.

According to CBE, the volume of trade exchange with other countries amounted to $28.049bn, including $19.936bn in imports and $8.112bn in exports.