Egyptian-Russian trade exchange up 14% YoY in 11 months

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Trade exchange between Egypt and Russia rose by 14% year on year (YoY) in the first 11 months of 2023 to $5.1 billion, compared to $4.5 billion, according to data by the Central Agency for Public Mobilization and Statistics (CAPMAS).

The value of Egyptian exports to Russia dropped by 13.7% YoY over the January-November period of last year to $469 million from $543 million.

On the other hand, the value of Egypt’s imports from Russia saw a 17.5% surge in the 11-month period, recording $4.6 billion from $3.9 billion in the corresponding period of 2022.

In fiscal year (FY) 2021/2022, remittances of Egyptians living in Russia rose by 32.3% YoY to $16.4 million from $12.4 million.

However, remittances of Russians working in Egypt fell by 19.6% YoY to $23.7 million in FY 2021/2022 from $29.5 million.

Moreover, Russian investments in Egypt stood at $141.2 million in FY 2022/2023, climbing by 117.6% from $64.9 million.