Egypt, Somalia trade increased to $56.3m in first 11 months of 2023: CAPMAS

The Central Agency for Public Mobilization and Statistics (CAPMAS) revealed that the value of trade exchange between Egypt and Somalia increased to $56.3m during the first 11 months of 2023, compared to $44.5m during the same period in 2022, marking a 26.5% increase.

According to CAPMAS data, the value of Egyptian exports to Somalia increased to $54m in the first 11 months of 2023, compared to $42.3m during the same period in 2022, an increase of 27.7%. On the other hand, the value of Somalian exports to Egypt stabilized at $2.2m.

It’s worth mentioning that Egypt’s President Abdel Fattah Al-Sisi received Hassan Sheikh Mohamud, President of Somalia on Sunday. Aiming to stay up to date with the activities and official visits of the President, CAPMAS issued a press release on the economic relations between Egypt and Somalia.

The top commodities that Egypt exported to Somalia during the first 11 months of 2023 included milling and starch products worth $28.7m, chemical products worth $4.7m, pharmaceuticals worth $4.2m, and dairy products worth $2.8m, vegetables and fruits worth $2.5m, according to CAPMAS.

Moreover, the top commodities that Egypt imported from Somalia included livestock worth $1.2m, in addition to gum and plant extracts worth $950,000.

The agency indicated that the value of Somali investments in Egypt amounted to $154,000 during fiscal year (FY) 2021/22. The value of remittances from Egyptians working in Somalia recorded $328,000 in FY year 2021/22, compared to $397,000 in FY 2020/21, a decrease of 17.4%.

The value of remittances from Somalis working in Egypt amounted to $27,000, compared to $120,000, a decrease of 77.5%.

Source: Daily News Egypt

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